Thrush Corporation, a calendar-year C corporation, files it's 2018 Form 1120, which reports taxable income of $200,000 for the year. The corporation's tax is $61,250. What is the tax liability for Thrush?

Thrush tax liability is $61,250

Explanation:

Tax liability is the amount of tax payable to tax authority from the income earned after all allowable expenses have been deducted.

Effectively, Thrush has bee charged 30.6% (corporation tax rate) on his taxable income.