Calculate the firms tax liability using the corporate tax

Question

Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2013 the firm earned $90,800 before taxes.

a. Calculate the firm's tax liability using the corporate tax rate schedule given in the following Table . Round to the nearest dollar.

Corporate Tax Rate Schedule Tax calculation Range of taxable income Base tax + (Marginal×rate amount over base bracket) $0 to $50000 $0 + (15% ×amount over $0) 50,000 to 75000 7500 + (25 ×amount over 50,000) 75,000 to 100000 13750 + (34 ×amount over 75,000) 100,000 to 335000 22250 + (39 ×amount over 100,000) 335,000 to 10000000 113900 + (34 ×amount over 335,000) 10,000,000 to 15000000 3400000 + (35 ×amount over 10,000,000) 15,000,000 to 18333333 5150000 + (38 ×amount over 15,000,000) Over 18,333,333 6416667 + (35 ×amount over 18,333,333)