Computing Income Taxes
The William B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used trucks and is actively involved in the parts business. During the most recent year, the company generated sales of 3.13 million. The combined cost of goods sold and the operating expenses were $2.08 million. Also, 377,000
in interest expense was paid during the year. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window,
Corporate Tax Rates
15%
$0long dash- $50,000
25%
$50,001long dash- $75,000
34%
$75,001long dash- $10,000,000
35%
over $10,000,000
Additional surtax:
5% on income between $100,000 and $335,000
3% on income between $15,000,000 and $18,333,333
.
The corporation's tax liability is ... ?
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