Question 23

MY Answer is correct but need to compute the federal tax

Below are three line items from a corporations Income Statement (note: this is NOT the entire Income Statement!)

Select the correct line to use and compute the federal tax.

Sales: $335,000

Cost of Goods Sold: $225,000

Net Profit before Tax: $92,000

Selected Answer: The line to use is - Net Profit before Tax: $92,000

Answer is correct but need to compute it.