Following is a partial 2012 corporate income tax schedule:

-The dollar amount of income taxes paid by a corporation with taxable income of $50,000 would be:

Question

Following is a partial 2012 corporate income tax schedule:
 
-The dollar amount of income taxes paid by a corporation with taxable income of $50,000 would be:

Quizplus · Accepted Answer

Based on the given partial tax schedule, the taxable income of $50,000 would fall into the tax bracket of $50,000-$75,000, which has a tax rate of 15%. Therefore, the income taxes paid by the corporation would be 0.15 x $50,000 = $7,500. The correct answer is C.

Following Is a Partial 2012 Corporate Income Tax Schedule