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Question

Robbins Corporation is a retail dealer for electronic equipment. The taxable income

is

           $601,500. Calculate the tax liability.

 

           The corporate tax rates are as follows :

           Income from 0 to $50,000 =  15%

           $50,000 to $75,000 =             25%

           $75,000 to $1,000,000 =        33%

           Over $1,000,000 =                 40%

           Additional Surcharge :

           5% on income between $100,000 to $350,000

           2% on income over $350,000            

 

Explain the importance of Taxation in an economy and how it contributes to the overall

well being of the society at large.

 

Top Answer

Tax Liability = $205,025 Requirement 2: Taxes Impose by... View the full answer

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