2. Calculate the tax liability for each of the following: a. Doctors Inc. is a c
ID: 2500710 • Letter: 2
Question
2.
Calculate the tax liability for each of the following:
a. Doctors Inc. is a corporation owned by four physicians in which they operate their medical practice. For the current year, Doctors Inc. had taxable income of $135,000.
.
b. TasteCo, Inc. reported $210,500 of taxable income this year.
c. John's, Inc. manufactures and sells fine furniture. It had taxable income of $40,000,000.
2.
Calculate the tax liability for each of the following:
a. Doctors Inc. is a corporation owned by four physicians in which they operate their medical practice. For the current year, Doctors Inc. had taxable income of $135,000.
.
b. TasteCo, Inc. reported $210,500 of taxable income this year.
c. John's, Inc. manufactures and sells fine furniture. It had taxable income of $40,000,000.
Explanation / Answer
Income Catergory Rate Tax liability a 135,000 100,000 to 335,000 $22,250 + 39% Of the amount over 100,000 35,900 b 210,500 100,000 to 335,000 $22,250 + 39% Of the amount over 100,000 65,345 c 40,000,000 18,333,333 and up 35% 14,000,000
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