Corporations face the following tax schedule:

Corporations face the following tax schedule:

9.             Corporations face the following tax schedule:

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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 %))?

a.     $17,328

b.     $18,240

c.     $19,200

d.     $20,210

e.     $21,221

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