Kizspy | Question: 12
(Choose 1 answer)
Use the tax rate taken from the table below to calculate the total taxes paid for Lansing, Inc., this year. Lansing's pretax income was $275,000.
A. $22,500
B. $68,250
C. $90,500
D. $107,250
Taxable Income
U.S. Corporate Tax Rate Schedule in 2019
More Than
But Not More Than
$0
$50,000
$75,000
$50,000
$75,000
$100,000
$100,000
$335,000
$335,000
$15,000,000
$15,000,000
$18,333,333
Tax Owed 15% of amount beyond $0
$7,500 + 25% of amount beyond $50,000$13,750 + 34% of amount beyond $75,000
$22,250 + 39% of amount beyond $100,000
$113,900 + 34% of amount beyond $335,000
$3,400,000 + 35% of amount beyond $10,000,000
$5,150,000 + 38% of amount beyond $15,000,000
$18,333,333
35% on all income
