Robbins Corporation is a retail dealer for electronic equipment. The taxable income is $601,500. Calculate the tax
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Question:
Robbins Corporation is a retail dealer for electronic equipment. The taxable income is $601,500.
Calculate the tax liability.
The corporate tax rates are as follows:
Income from 0 to $50,000 = 15%
$50,000 to $75,000 =25%
$75,000 to $1,000,000 =33%
Over $1,000,000 = 40%
Additional Surcharge:
5% on income between $100,000 to $350,000
2% on income over $350,000
Related Book For
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
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