Question 8: Robbins Corporation is a retail dealer for electronic equipment. The taxable income is $601,500....
Question 8:
Robbins Corporation is a retail dealer for electronic equipment. The taxable income is $601,500.
Calculate the tax liability.
The corporate tax rates are as follows:
Income from 0 to $50,000 = 15%
$50,000 to $75,000 =25%
$75,000 to $1,000,000 =33%
Over $1,000,000 = 40%
Additional Surcharge:
5% on income between $100,000 to $350,000
2% on income over $350,000
Homework Answers
Tax Liability = [$50,000 * 0.15] + [($75,000 - $50,000) * 0.25] + [($601,500 - $75,000) * 0.33] + [($350,000 - $100,000) * 0.05] + [($601,500 - $350,000) * 0.02]
= $7,500 + $6,250 + $173,745 + $12,500 + $5,030 = $205,025
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Question 8:
Robbins Corporation is a retail dealer for electronic equipment.
The taxable income is $601,500....
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