QUESTION 1:

1. Robbins Corporation is a retail dealer for electrical equipment. The taxable income is $701,500. Calculate the tax liability.

Corporate Tax Rates
15% 25% 34% 35%		$ 0$50,000 $ 50,001$75,000 $75,001$10,000,000 over $10,000,000
Additional surtax: 5% on income between $100,000 and $335,000. 3% on income between $15,000,000 and $18,333,333.

B. Taxes are a fact of life, and businesses, like individuals, must pay taxes on Income Elucidate.