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Hunter corporation has $250,000 in gross income $125,000 in the deductible business expenses and a $12,000...

Hunter corporation has $250,000 in gross income $125,000 in the deductible business expenses and a $12,000 business tax credit. Determined a corporation's net tax liability

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Answer #1

Gross Income

250,000

Less: Business Expenses

125,000

Taxable Income

125,000

50000 * 15%

           7,500

25000*25%

           6,250

25000*34%

           8,500

25000*39%

           9,750

Total Tax

         32,000

Less: Tax Credit

         12,000

Corporation's Net Tax Liability

         20,000
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