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.
Mathematics · Middle School · Tue Nov 03 2020
llm
Answered on
Given :
Gross income = $1,287,684
Deduction = $598,982
So, $1,287,684 - $598,982
= $688,702
Now, federal corporate income tax is 21%
So, $688,702/100 ×21
= $144,627.44 or 144,627
Thus, federal corporate income tax is 144,627