Homework Answers
Gamma's income tax liability is (B) $ 340,000
Explanation :
Corporate tax schedule ( 2005 through 2017) are as follows :
| Range of taxable income | Tax rate | Tax liability |
| $ 0 to $ 50,000 | 15% | $ 7,500 |
| $ 50,001 to $ 75,000 | 25% | $ 6,250 |
| $ 75,001 to $ 100,000 | 34% | $ 8,500 |
| $ 100,001 to $ 335,000 | 39% | $ 91,650 |
| $ 335,001 to $ 1,000,000 | 34% | $ 226,100 |
| Total income tax liability = | $ 340,000 | |
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