Question #: 1824 Category: 6C1 Determination of Taxable Income/Loss

  • Creator
    Topic
  • January 19, 2015 at 12:29 pm #191490
    rsrasc
    Member

    Jeff,

    Please check the description to the answer below:

    “The tax liability for a corporation’s taxable income of $63,000 is $7,850, as calculated below:

    $50,000 × 0.15 = $ 7,500

    + 13,000 × 0.25 = 3,250

    = $63,000 $10,750

    The description of the answer should be: The tax liability for a corporation’s taxable income of $63,000 is $10,750, as calculated below:

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