Carlie’s Cell Phone Store has a gross income of $1,287,684 and deductions of $598,982. What is the federal corporate income tax? Round to the nearest whole dollar.

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28-02-2018
Mathematics

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Carlie’s Cell Phone Store has a gross income of $1,287,684 and deductions of $598,982. What is the federal corporate income tax? Round to the nearest whole dollar.

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kitapla kitapla · Answer 1 · 2018-03-14T04:54:46+01:00

kitapla kitapla

14-03-2018

Carlie's Cell Phone Store owes a total of $144,627 in taxes.

1.) $1,287,684 - $598,982 = $688,702
Due to Tax Cuts and Jobs Act of 2017, corporate tax rate is fixed at 21%. Hence:

2.) $688,702 * .21 = $144,627.42 or $144,627

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