(Corporate income tax) Fighting Dyer Inc. had taxable income of $19.9 million. C

Question

(Corporate income tax) Fighting Dyer Inc. had taxable income of $19.9 million. Calculate Fighting Dyer's federal income taxes by using the corporate tax rate structure in the popup window,? Total tax due is s(Round to the nearest dollar.) Data Table Corporate Tax Rates 15% 25% 34% 35% Additional surtax: ? $0 $50,000 $50,001-$75,000 $75,001-$10,000,000 over $10,000,000 5% on income between $100,000 and $335,000 3% on income between $15,000,000 and $18,333,333 Enter your answer in the answer bo (Click on the icon located on the top-right corner of the data table above in order to copy its contents into a spreadsheet.)

Explanation / Answer

A Taxable Income $19,900,000 B Tax for first $50000=50000*0.15 $                    7,500 C Tax from $50001-$75000=(75000-50000)*0.25= $                    6,250 D Tax from $10000000-$75000=(10000000-75000)*0.34= $           3,374,500 E Tax from $19900000-$10000000=(19900000-10000000)*0.35= $           3,465,000 F=B+C+D+E Total Tax $           6,853,250

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