Reference no: EM131178062
The Au Natural Clothing Factory has changed its year-end from a calendar year-end to March 31, with permission from the IRS. The income for its short period from January 1 to March 31 is $24,000. Tax Rate Schedule for Corporations Taxable Income Over But Not Over The Tax Is Of the Amount Over 0 $50,000 15% 0 $50,000 75,000 $7,500 + 25% $50,000 75,000 100,000 13,750 + 34% 75,000 100,000 335,000 22,250 + 39% 100,000 335,000 10,000,000 113,900 + 34% 335,000 10,000,000 15,000,000 3,400,000 + 35% 10,000,000 15,000,000 18,333,333 5,150,000 + 38% 15,000,000 18,333,333 — 6,416,667 + 35% 18,333,333 Calculate the tax for this short period. Round your final answer to the nearest dollar.
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