Attempts Score: /2 11. Chapter b Multiple Choice 03-127, Section b Multiple Choi

Question

Attempts Score: /2 11. Chapter b Multiple Choice 03-127, Section b Multiple Choice 03-127, Problem b Multiple Choice 03-127 Corporations face the following tax schedule: Base 15% 25 34 39 34 35 38 35 Up to $50,000 $50,000-$75,000 $75,000-$100,000 $100,000-$335,000 $0 7,500 13,750 22,250 13,900 3,400,000 S,150,000 6,416,667 335,000-$10,000,000 $10,000,000-$15,000,000 15,000,000-$18,333,333 Over $18,333,333 000 of taxable income from its operations, $5,000 of interest income, and $30,000 of dividend income from preferred stock it holds in other corporations. What is Comp Z's tax liabilty? Assume a 70% dividend exclusion for tax on dividends. a $19,762 Ob. $21,429 . $1",096 O4 123,810 e 122,620

Explanation / Answer

taxable income

=90000+5000+30000*(1-70%)

=104000

tax liability=50000*15%+(75000-50000)*25%+(100000-75000)*34%+(104000-100000)*39%

=23810

the above is answer..

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