C Corp (which is engaged in the business of XXX) has taxable income for 2017 of $XXX. WHAT IS C CORP'S REGULAR INCOME TAX LIABILITY FOR 2017?
According my prof we should create the numbers
Tax rates for a C Corp are as follows:
Now depending upon the taxable income of the C Corp, the tax liability can be calculated.
For example, assume that the taxable income of the C Corp is $6,000,000. Its tax liability will be calculated as follows:
Tax liability = $113,900 + [($6,000,000 - $335,000) x 34%] = $2,040,000
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