10) (10pts) If the video division of Marvel Comics has an annual gross income of 3,650,000...

 

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10) (10pts) If the video division of Marvel Comics has an annual gross income of 3,650,000 with expenses and depreciation totaling 2,150,000 compute the company's exact federal income taxes. (**use the Corporate Federal Income Tax Rate Schedule below to calculate**) a) $720,000 b) $510,000 c) $620,000 d) $410,000 Over 0 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 Corporate Federal Income Tax Rate Schedule If Taxable Income ($) Is: Tax Is 15% 7,500 + 25% 13,750 + 34% 22,250 + 39% 113,900 + 34% 3,400,000 + 35% 5,150,000+ 38% 35% But Not Over 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 Of The Amount Over 0 50,000 75,000 100,000 335,000 10,000,000 15,000,000 0 10) (10pts) If the video division of Marvel Comics has an annual gross income of 3,650,000 with expenses and depreciation totaling 2,150,000 compute the company's exact federal income taxes. (**use the Corporate Federal Income Tax Rate Schedule below to calculate**) a) $720,000 b) $510,000 c) $620,000 d) $410,000 Over 0 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 Corporate Federal Income Tax Rate Schedule If Taxable Income ($) Is: Tax Is 15% 7,500 + 25% 13,750 + 34% 22,250 + 39% 113,900 + 34% 3,400,000 + 35% 5,150,000+ 38% 35% But Not Over 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 Of The Amount Over 0 50,000 75,000 100,000 335,000 10,000,000 15,000,000 0

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Calculation of taxable income Taxable income Gross income expenses and ... View the full answer