In 2016, Bartley Corporation\'s federal income tax due was $147000. Compute the

Question

In 2016, Bartley Corporation's federal income tax due was $147000. Compute the required installment payments of 2017 tax in each of the following cases: Use Corporate tax rate schedule. a. Bartley's 2017 taxable income is $440,000 b. Bartley's 2017 taxable income is $975,000 c. Bartley's 2017 taxable income is $2,100,000 a. Total in b. Total CORPORATE TAX RATES If taxable income is: Not over $50,000 Over $50,000 but not over $75,000 Over $75,000 but not over $100,000 Over $100,000 but not over $335,000 Over $335,000 but not over $10,000,000 Over $10,000,000 but not over $15,000,000 Over $15,000,000 but not over $18,333.333 Over $18,333.333 The tax is: 15% of taxable income $7,500 + 25% of the excess over $50,000 $ 13,750 + 34% of the excess over $75,000 $22.250 + 39% of the excess over $100,000 $11 3.900 + 34% of the excess over $335,000 $3.400.000 + 35% of the excess over $10,000,000 $5,150,000 + 38% of the excess over $15,000,000 $641 6.667 + 35% of the excess over $18.333.333

Explanation / Answer

Income slab

Income tax rate

taxable amount

1-

Upto 50000

50000*15%

7500

50001 to 75000

7500+(75000-50000)*25%

13750

75001 to 100000

13750+(100000-75000)*34%

22250

100001 to 335000

22250+(335000-100000)*39%

113900

335001 to 10000000

113900+(440000-335000)*34%

149600

total installment payable

307000

Income slab

Income tax rate

taxable amount

2-

Upto 50000

50000*15%

7500

50001 to 75000

7500+(75000-50000)*25%

13750

75001 to 100000

13750+(100000-75000)*34%

22250

100001 to 335000

22250+(335000-100000)*39%

113900

335001 to 10000000

113900+(975000-335000)*34%

331500

total installment payable

488900

Income slab

Income tax rate

taxable amount

3-

Upto 50000

50000*15%

7500

50001 to 75000

7500+(75000-50000)*25%

13750

75001 to 100000

13750+(100000-75000)*34%

22250

100001 to 335000

22250+(335000-100000)*39%

113900

335001 to 10000000

113900+(2100000-335000)*34%

714000

total installment payable

871400

Income slab

Income tax rate

taxable amount

1-

Upto 50000

50000*15%

7500

50001 to 75000

7500+(75000-50000)*25%

13750

75001 to 100000

13750+(100000-75000)*34%

22250

100001 to 335000

22250+(335000-100000)*39%

113900

335001 to 10000000

113900+(440000-335000)*34%

149600

total installment payable

307000

Income slab

Income tax rate

taxable amount

2-

Upto 50000

50000*15%

7500

50001 to 75000

7500+(75000-50000)*25%

13750

75001 to 100000

13750+(100000-75000)*34%

22250

100001 to 335000

22250+(335000-100000)*39%

113900

335001 to 10000000

113900+(975000-335000)*34%

331500

total installment payable

488900

Income slab

Income tax rate

taxable amount

3-

Upto 50000

50000*15%

7500

50001 to 75000

7500+(75000-50000)*25%

13750

75001 to 100000

13750+(100000-75000)*34%

22250

100001 to 335000

22250+(335000-100000)*39%

113900

335001 to 10000000

113900+(2100000-335000)*34%

714000

total installment payable

871400

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