Computation of Corporate Income tax
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Suppose that a corporation has a taxable income of $325,000. What's the firm's corporate income tax for the current tax year? (You can use the following table to calculate the firm's U.S. federal corporate tax.)
US Federal Corporate Tax Table
Taxable Income Taxable Income Tax Rate
More Than Less Than
$0 $50,000 15%
$50,001 $75,000 25%
$75,001 $100,000 34%
$100,001 $335,000 39%
$335,001 $10,000,000 34%
$10,000,001 $15,000,000 35%
$15,000,001 $183,333,334 38%
$18,333,334 35%
A. 215,000
B. 87,750
C. 126,750
D. 110,000
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Solution Summary
The solution shows the computation of corporate taxes, given the Federal tax rate structure.
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- IATA, International Air Transport Association
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