Use the tax rate taken from exhibit 11.6 (below) to calculate the total taxes paid for Lansing Inc., this year. Lansing's pretax income was$16,550,000.

Exhibit 11.6:U.S. Corporate Tax Rate Scheduled in 2007
Taxable income
More than ($)	But not more than ($)	Tax owed
$0	50,000		15% of the amount beyond $0
50,000	75,000	$7,500+	25% of the amount beyond $50,000
75,000	100,000	$13,750+	34% of the amount beyond $75,000
100,000	335,000	$22,250 +	39% of the amount beyond $100,000
335,000	10,000,000	$113,900 +	34% of the amount beyond $335,000
10,000,000	15,000,000	3,400,000+	39% of the amount beyond $10,000,000
15,000,000	18,333,333	5,150,000	38% of the amount beyond $15,000,000
18,333,333	-------------	35% on all income

a). $589,000

b). $1,550,000

c). $5,739,000

d). $6,289,000

Answer rating: 100% (QA)

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