= Homework: HW #... Question 5, Problem 9-3... HW Score: 50%, 40 of 80 points Points: 0 of 10 Save In tax year 1, an electronics-packaging firm had a gross income of $38,000,000, $9,000,000 in salaries, $8,000,000 in wages, $1,200,000 in depreciation expenses, a loan principal payment of $350,000, and a loan interest payment of $300,000. Determine the net income of the company in tax year 1. Click the icon to view the corporate tax schedule for 2015 The net income of the company in tax year 1 is $(Round to the nearest dollar.) More info Taxable Income (X) $0-$50,000 50,001-75,000 75,001-100,000 100,001-335,000 335,00110,000,000 10,000,00115,000,000 15,000,001-18,333,333 18,333,334 and up Tax Rate 15% 25% 34% 34% + 5% 34% Tax Computation Formula $0 +0.15X 7,500 +0.25(X - $50,000) 13,750 +0.34(X - 75,000) 22,250 +0.39(X - 100,000) 113,900 +0.34(X - 335,000) 3,400,000 +0.35(X - 10,000,000) 5,150,000 +0.38(X - 15,000,000) 6,416,666 +0.35(X-1 333,333) 35% 35% + 3% 35% Print Done Etext pages Calculator Get more held