Calculate the firms tax liability using the corporate tax

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Reference no: EM132023236

Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2013 the firm earned $90,800 before taxes.

a. Calculate the firm's tax liability using the corporate tax rate schedule given in the following Table . Round to the nearest dollar.

Corporate Tax Rate Schedule
		Tax calculation
Range of taxable income		Base tax	+	(Marginal×rate amount over base bracket)
$0 to	$50000	$0	+	(15%	×amount over	$0)
50,000 to	75000	7500	+	(25	×amount over	50,000)
75,000 to	100000	13750	+	(34	×amount over	75,000)
100,000 to	335000	22250	+	(39	×amount over	100,000)
335,000 to	10000000	113900	+	(34	×amount over	335,000)
10,000,000 to	15000000	3400000	+	(35	×amount over	10,000,000)
15,000,000 to	18333333	5150000	+	(38	×amount over	15,000,000)
Over 18,333,333		6416667	+	(35	×amount over	18,333,333)

Reference no: EM132023236

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