Thrush Corporation files Form 1120, which reports taxable income of $110,000. The corporation's tax is $26,150.

Name: Thrush Corporation files Form 1120, which reports taxable income of $110,000. The corporation's tax is $26,150.
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Question

Quizplus · Accepted Answer

Based on the information given, the tax calculated for Thrush Corporation is consistent with the 2019 tax rate for corporations with taxable income between $50,000 and $75,000, which is 22%. 22% of $110,000 is $24,200. Therefore, the given tax amount of $26,150 is reasonable.

Thrush Corporation Files Form 1120, Which Reports Taxable Income of $110,000