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Ross Company, a manufacturer of pharmaceuticals, has pretax ordinary income of $496,000 and has just...

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Accounting

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Ross Company, a manufacturer of pharmaceuticals, has pretax ordinary income of $496,000 and has just sold an asset purchased two years ago with a realized capital gain of $26,000. Using this table calculate the tax liability for the company this year. The tax liability this year is $ (Round to the nearest dollar.) Data Table orporate Tax Rate Schedule Range of taxable income $0 to $50,000 50,000 to 75,000 75,000 to 100,000 100,000 to 335,000 335,000 to 10,000,000 10,000,000 to 15,000,000 15,000,000 to 18,333,333 Over 18,333,333 Base tax $0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 E Tax calculation + (Marginal rate x amount over base bracket) + (15% x amount over $0) + (25% x amount over 50,000) + (34% X amount over 75,000) (39% x amount over 100,000) (34% x amount over 335,000) (35% x amount over 10,000,000) (38% x amount over 15,000,000) + (35% x amount over 18,333,333) + + + + Done ? Enter your answer in the answer box

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