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Your corporation has a total of $250,000 operating income during the year 2018, the operating expense is $200,000. You received interest $10,000 from your investment,
Your corporation has a total of $250,000 operating income during the year 2018, the operating expense is $200,000. You received interest $10,000 from your investment, and paid interest $45,000 for your liabilities. Also, you received dividend $40,000 from your investment in another company. The total amount of dividend your paid $60,000 during the year 2018. If the applicable corporate tax rate is 40 percent, and if 70 percent of dividends received are exempt from taxes. What is the total amount of tax should the corporation pay for 2018?
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