Question 8: Robbins Corporation is a retail dealer for electronic equipment. The taxable income is $601,500. Calculate the tax liability. The corporate tax rates are as follows: Income from 0 to $50,000 = 15% $50,000 to $75,000 =25% $75,000 to $1,000,000 =33% Over $1,000,000 = 40% Additional Surcharge: 5% on income between $100,000 to $350,000 2% on income over $350,000