Corporations face the following tax schedule:
9. Corporations face the following tax schedule:
Tax on Base Percentage on
Taxable Income of Bracket Excess above Base
Up to $50,000 $0 15%
$50,000-$75,000 7,500 25
$75,000-$100,000 13,750 34
$100,000-$335,000 22,250 39
Company Z has $80,000 of taxable income from its operations, $5,000 of interest income, and $30,000 of dividend income from preferred stock it holds in other corporations. What is Company Z’s tax liability (For dividend, 70% is excluded from the taxable income. Taxable income for dividend is Dividend income*(1 – Dividend exclusion %))?
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