What is taxable income for the first year

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Reference no: EM13199521

A company wants to set up a new office in a country where the cooperate tax rate is as follows: 15% of first 50,000 profits, 25% of next 25000, and 39% of everything over 100,000. Executives estimate that they will have gross revenues of $500,000, total costs of 300,000, 30,000 in allowable tax deductions, and a one time business start up credit of 8000. What is taxable income for the first year, and how much should the company expect to pay in taxes.

Reference no: EM13199521

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