A company wants to set up a new office in a country where the corporate tax rate is as follows: 15% of the first $50,000 in profits 25% of next $25,000 34% of the next $25,000, and 39% of everything over $100,000. Executives estimate that they will have gross revenues of $500,000, total costs of $300,000, $30,000 in allowable tax deductions, and a one-time business start up credit of $8,000 1) What is the taxable income for the first year? 2) How much should the company expect to pay in taxes