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Sam Concept 6. Using the tax table below, calculate total income taxes (state and federal combined) assuming a corporation has federal taxable income of a
Sam Concept 6. Using the tax table below, calculate total income taxes (state and federal combined) assuming a corporation has federal taxable income of a $287,000 b. $898,000 c. $2,611,000 d. $4,890,000 21% of federal taxable income Federal tax rate Maine corporate tax rate: Greater than SO $350,000 $1,050,000 $3,500,000 or more But not over The gross tax is: $350,000 3.5% of federal taxable income $1,050,000 $12,250 plus 7.93% of the excess over $350,000 $3,500,000 $67,760 plus 8.33% of the excess over $1,050,000 $271,845 plus 8.93% of the excess over $3,500,000
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