Select the our tax system encourages Select financing over Select financing. Depreciation expense is tax deductible, so the larger the depreciation, the taxable income, the Sclect the taxes, and the Select the firm's operating cash flow. Quantitative Problem: Andrews Corporation has income from operations of $241,000. In addition, it received interest income of $24,100 and received dividend income of 531,100 from another corporation. Finally, it paid $10,600 of interest income to its bondholders and paid $42,600 of dividends to its common stockholders. The firm's federal tax rate is 21%. What is the firm's federal income tax? Do not round intermediate calculations. Round your answer to the nearest collar. $ If Your Taxable 2018 Individual Tax Rates Single Individuals You Pay This Plus This Percentage Amount on the on the Excess over the Base of the Bracket Base (Marginal Rate) SO 10.0% 952.50 12.0 4,453.50 14,089.50 24.0 32,089.50 32.0 45,689.50 35.0 150,689.50 37.0 Income Is Up to $9,525 59,525 - 538,700 538,700 - $82,500 $82,500 - $157,500 5157,500 - 5200,000 $200,000 - $500,000 Over $500,000 Average Tax Rate at Top af Bracket 10.0% 11.5 17.1 20.4 22.0 22.8 30.1 37.0 Standard deduction for Individual: $12,000 If Your Taxable Average Tax Rate at Top of Bracket 10.0% Married couples Filing Joint Returns You Pay This Plus This Percentage Amount on the on the Excess over the Base of the Bracket Base (Marginal Rate) $0 10.0% 1,905.00 12.0 8,907.00 22.0 28,179.00 24.0 64,179.00 32.0 91,379.00 35.0 151,379.00 37.0 Income Is Up to $19,050 519,050 - $77,400 577,400 - $165,000 $165,000 - $315,000 5315,000 - 5400,000 5400,000 - 5600,000 Over $600,000 11.5 17.1 20.4 22.B 26.9 37.0 Standard deduction for married couples filing jointly: $24,000