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QUESTION 1: Robbins Corporation is a retail dealer for electrical...

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Question

Accounting

QUESTION 1:

  1. Robbins Corporation is a retail dealer for electrical equipment. The taxable income is $701,500. Calculate the tax liability.

Corporate Tax Rates

15%

25%

34%

35%

$ 0$50,000

$ 50,001$75,000

$75,001$10,000,000

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.

B. Taxes are a fact of life, and businesses, like individuals, must pay taxes on Income Elucidate.

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