TasteCo, Inc. reported $210,500 of taxable income this year. What is its regular tax liability?

Name: TasteCo, Inc. reported $210,500 of taxable income this year. What is its regular tax liability?
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Quizplus · Accepted Answer

The regular tax liability for a corporation like TasteCo, Inc. with $210,500 of taxable income can be calculated based on the federal corporate income tax rates. For the 2021 tax year, the corporate tax rate is a flat 21%. Therefore, $210,500 * 21% = $44,205.