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3.17. Tax: Manz Property Management Company announced that in the year ended June 30, 2014, its...

3.17. Tax: Manz Property Management Company announced that in the year ended June 30, 2014, its earnings before taxes amounted to $1,478,936. Calculate its taxes using Exhibit 3.6 in the text. Earnings before interest and taxes $1,478,936 U.S. Federal Corporate Income Tax Rates for 2013 Taxable Income from Upto Rate 0 50,000 15% 50,001 75000 25% 75001 100,000 34% 100,001 335,000 39% 335,001 10,000,000 34% 10,000,001 15,000,000 35% 15,000,001 18,333,333 38% 18,333,334 0% 35% please show work

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Answer #1
Income range Tax rate Tax calculation Tax amount
0 - $50,000 15% (50000-0)*15% $7,500.00
50,001 - 75,000 25% (75000-50000)*25% $6,250.00
75,001 - 100,000 34% (100000-75000)*34% $8,500.00
100,001 - 335,000 39% (335000-100000)*39% $91,650.00
335,001 - 10,000,000 34% (1478936-335000)*34% $388,938.24
10,000,001 - 15,000,000 35%
15,000,001 - 18,333,333 38%
Above 18,333,334 35%
$502,838.24
The total taxes payable by Manz property management company is $502,838.24
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