Calculate the corporate tax on earnings before tax

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Reference no: EM131007521

1. Calculate the corporate tax on earnings before tax (EBT) of the following amounts:

a. $37,000

b. $57,000

c. $88,500

d. $110,000

e. $5,375,000

f. $14,000,000

g. $17,350,000

h. $23,500,000

2. Microchip Inc. had the following profits and losses in the years indicated.

2004	$5,000,000
2005	350,000
2006	(3,450,000)

How much federal tax will it eventually pay for 2004? The corporate tax schedule on page 48 is the same for all three years.

Reference no: EM131007521

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