Given the following tax rate schedule, what is the tax liability for a

QUESTION

Given the following tax rate schedule, what is the tax liability for a corp with taxable income of $8million?Corp. Tax Taxable Income15% $0 $50000.0025% $50000. $75000.34% $75001. $10million35% over $10million*additional surtax of 5% on income between $100000. and $335000.*additional surtax of
The corporate income tax rate is calculated according to the tax rate schedule: If the taxable income is ranging between $75,000 $10,000,000 then the tax rate is 34%. Moreover there is no additional surtax rate on the taxable income because it is not lying in

etween the range. Calculating the taxable income using the tax rate. Taxable income on $8,000,000 = 0.34 * $8,000,000 = $2,720,000 Therefore, the correct option is b)$2,720,000

ANSWER:

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