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Chapter 11 Assignment Saved 5. Cranberry Corporation has $3,408,000 of current year taxable income. Use 2017 tax rate schedule if needed. 25 points a. If the current year is a calendar year ending on December 31, 2017, calculate Cranberry's regular income tax liability b. If the current year is a calendar year ending on December 31, 2018, calculate Cranberry's regular income tax liability c. If the current year is a fiscal year ending on April 30, 2018, calculate Cranberry's regular income tax liability. (Do not rou intermediate calculations.) eBook Regular tax liability a Print b c. References If taxable income is: The tax is: Not over $50,000 Over $50,000 but not over $75,000 Over $75.000 but not over $100.000 Over $100,000 but not over $335.000 Over $335,000 but not over $10,000,000 Over $10,000,000 but not over $15,000,000 Over $15,000,000 but not over $18.333,333 Over $18.333,333 15% of taxable income $7.500 + 25% of the excess over $50,000 $13,750 + 34% of the excess over $75,000 $22.250 + 39% of the excess over $100,000 $113.900 + 34% of the excess over $335,000 $3,400,000 + 35% of the excess over $10,000,000 $5.150,000 + 38% of the excess over $15,000,000 $6,416.667 + 35% of the excess over $18.333.333