please use data table to solve the problem This Question: 1 pt 12 of 40 (0 compl

Question

please use data table to solve the problem

This Question: 1 pt 12 of 40 (0 complete) | This Test: 40 pts possible Question Help g income taxes) Sandersen Inc sells minicomputers. During the past year, the company's sales were $3.00 million. The cost of its merchandise sold came to $2.00 milion, and cash operating expenses were $400,000, depreciation expense was $100,000, and the firm paid $150,000 in interest on its bank loans. Also, the corporation paid $25,000 in the form of dividends to its own common stockholders. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window. The corporation's tax liability is $ Round to the nearest dollar) solu w Enter your answer in the answer box xpert Answer ce can help search

Explanation / Answer

Before tax income = 3 - 2 - 0.4 - 0.1 - 0.15 = 0.35 million = 350000

Dividend is not considerd as it is after tax deduction

First 50000 at 15% = 15%*50000 = 7500

next 25000 at 25% = 25%*25000 = 6250

Next 275000 (300000 - 50000 - 25000) at 34% = 34%*275000 = 93500

Total tax = 7500 + 6250 + 93500 = 107250

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