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2013 Corporate Tax Rates You Pay This Amount on the If Your Taxable Income Is Base of the Bracket Up to $50,000 $50,000 $75,000 $75,000 $100,000 $100,000 $335,000 $335,000-$10,000,000 $10,000,000-$15,000,000 $15,000,000-$18,333,333 Over $18,333,333 $0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Plus This Percentage on the Excess over the Base (Marginal Rate) 15.0% 25.0 34.0 39.0 34.0 35.0 38.0 35.0 Average Tax Rate at Top of Bracket 15.0% 18.3 22.3 34.0 34.0 34.3 35.0 35.0 Quantitative Problem: Andrews Corporation has income from operations of $231,000. In addition, it received interest income of $23,100 and received dividend income of $29,600 from another corporation. Finally, it paid $10,100 of interest income to its bondholders and paid $46,300 of dividends to its common stockholders. Using the 2013 corporate tax schedule, what is the firm's federal income tax? Round your intermediated and final answers to the nearest cent.

2013 Corporate Tax Rates You Pay This Amount on the If Your Taxable Income Is Base of the Bracket Up to $50,000 $50,000 $75,000 $75,000 $100,000 $100,000 $335,000 $335,000-$10,000,000 $10,000,000-$15,000,000 $15,000,000-$18,333,333 Over $18,333,333 $0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Plus This Percentage on the Excess over the Base (Marginal Rate) 15.0% 25.0 34.0 39.0 34.0 35.0 38.0 35.0 Average Tax Rate at Top of Bracket 15.0% 18.3 22.3 34.0 34.0 34.3 35.0 35.0 Quantitative Problem: Andrews Corporation has income from operations of $231,000. In addition, it received interest income of $23,100 and received dividend income of $29,600 from another corporation. Finally, it paid $10,100 of interest income to its bondholders and paid $46,300 of dividends to its common stockholders. Using the 2013 corporate tax schedule, what is the firm's federal income tax? Round your intermediated and final answers to the nearest cent.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2013 Corporate Tax Rates You Pay This Amount on the If Your Taxable Income Is Base of the Bracket Up to $50,000 $50,000 $75,000 $75,000 $100,000 $100,000 $335,000 $335,000-$10,000,000 $10,000,000 $15,000,000 $15,000,000 $18,333,333 Over $18,333,333 $0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Plus This Percentage on the Excess over the Base (Marginal Rate) 15.0% 25.0 34.0 39.0 34.0 35.0 38.0 35.0 Average Tax Rate at Top of Bracket 15.0% 18.3 22.3 34.0 34.0 34.3 35.0 35.0 Quantitative Problem: Andrews Corporation has income from operations of $231,000. In addition, it received interest income of $23,100 and received dividend income of $29,600 from another corporation. Finally, it paid $10,100 of interest income to its bondholders and paid $46,300 of dividends to its common stockholders. Using the 2013 corporate tax schedule, what is the firm's federal income tax? Round your intermediated and final answers to the nearest cent.
Transcribed Image Text:2013 Corporate Tax Rates You Pay This Amount on the If Your Taxable Income Is Base of the Bracket Up to $50,000 $50,000 $75,000 $75,000 $100,000 $100,000 $335,000 $335,000-$10,000,000 $10,000,000 $15,000,000 $15,000,000 $18,333,333 Over $18,333,333 $0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Plus This Percentage on the Excess over the Base (Marginal Rate) 15.0% 25.0 34.0 39.0 34.0 35.0 38.0 35.0 Average Tax Rate at Top of Bracket 15.0% 18.3 22.3 34.0 34.0 34.3 35.0 35.0 Quantitative Problem: Andrews Corporation has income from operations of $231,000. In addition, it received interest income of $23,100 and received dividend income of $29,600 from another corporation. Finally, it paid $10,100 of interest income to its bondholders and paid $46,300 of dividends to its common stockholders. Using the 2013 corporate tax schedule, what is the firm's federal income tax? Round your intermediated and final answers to the nearest cent.
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