Question - After all revenue and expense accounts, other than Income Tax Expense, have been extended to the Income Statement section of the worksheet of Carlton Corporation, the net income is determined to be $75,000.
Taxable Income - Tax Rate
First $50,000 - 15%
Next $25,000 - 25%
Next $25,000 - 34%
Next $235,000 - 39%
Over $335,000 - See IRS Publication
Using the following corporate income tax rates, compute the corporation's federal income taxes payable.