What is the correctly calculated tax due for a corporation with a gross income of $17,000,000, and depreciation of assets of $2,100,000? What is the effective tax rate that the corporation will pay? You must use the 2017 Tax Information listed below to calculate the answers. No statement is required, but make sure your work is easy to follow. Corporate Tax Rates The Tax Cuts and Jobs Act simplified and reduced federal corporate income tax rates (see Table 121) from eight tax brackets to one flat tax rate of 21% beginning in 2018. TABLE 12-1 Corporate Income Tax Rates 2017 2018 Taxable income Tax Tax Rate Rate Not over $50,000 $50,00075,000 $75,000-100,000 $100,000-335,000 $335,00010 million $10 million-15 million $15 million-18,333,333 >$18,333,333 15% 25% 34% 39% 34% 35% 38% 35% 21%