ABC Company was founded in 20X1 and had the following taxable income through 20X
ID: 2679250 • Letter: A
Question
ABC Company was founded in 20X1 and had the following taxable income through 20X6:20X1 20X2 20X3 20X4 20X5 20X6
$3.5M $6.5M $7.8M -$17.6M $2.3M 5.4M
Compute the corporate income tax or tax refund in each year,
assuming the graduated tax rates listed below.
At least But less than Tax Rate (%) Tax Calculation
0.00 50,000.00 15 .15 x (income over $0)
50,000.00 75,000.00 25 7,500 + 0.25 x (income over 50,000)
75,000.00 100,000.00 34 13,750 + 0.34 x (income over 75,000)
100,000.00 335,000.00 39 22,250 + 0.39 x (income over 100,000)
335,000.00 10,000,000.00 34 113900 + 0.34 x (income over 335,000)
10,000,000.00 15,000,000.00 35 3,400,000 + 0.35 x(income over 10,000,000)
15,000,000.00 18,333,333.00 38 5,150,000 + 0.38 x (income over 15,000,000)
18,333,333.00 0.00 35 6,416,667 + 0.35 x (income over 18,333,333)
Explanation / Answer
The table yu have provided is not properly oriented,,please see it and upload a sorted one