What are the operating profits?

What is the taxable dividend income?

What is the taxable ordinary income?

What is the total tax due?

(Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $3.7 million. The firm supplies statistical information to engineering companies. Gross profits totaled S1.14 million, and operating and depreciation expenses were $503,000 and $355,000, respectively. Dividend income for the year was $11.900. Compute the corporation's tax liability by using the corporate tax rate structure in the popup window, Data Table - X Corporate Tax Rates 15% $0-$50,000 25% $50,001$75,000 34% $75,001$10,000,000 35% over $10,000,000 Additional surtax: 5% on income between $100,000 and $335,000 3% on income between $15,000,000 and $18,333,333 (Click on the icon located on the top-right corner of the data table above in order to copy its contents into a spreadsheet.) Print Done