Using the corporate tax rate schedule in Table 14-1, compute the income tax liability for taxable income

(1) $800,000 and

(2)$40,000,000.

Taxable Income Tax Llability But Not Over Of the Amount Over Over $ 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 $ 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 0+15% 7,500 + 25% 13,750 34% 22.250 + 39% 113,900 + 34% 3,400,000 + 35% 5,150,000 38% 6,416,667 + 35% $ 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 2 Tax rates ane subjact to change by Congrees