Using the corporate tax rate structure in popup window

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Reference no: EM131977821

The William B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used trucks and is actively involved in the parts business. During the most recent year, the company generated sales of $ 3.08 million. The combined cost of goods sold and the operating expenses were $2.03 million. Also, $394000 in interest expense was paid during the year. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window,

Corporate Tax Rates

15% $0—$50,000

25% $50,001—$75,000

34% $75,001—$10,000,000

35% over $10,000,000

Additional surtax:

5% on income between $100,000 and $335,000

3% on income between $15,000,000 and $18,333,333

Reference no: EM131977821

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