The mago-net company has an annual gross income of $72,173. deductions total $5,224. what is the federal corporate income tax?

$11737.25

Step-by-step explanation:

We have been given a tax table and we are asked to find the amount o federal corporate income tax for a company having an annual gross income of $72,173 and deductions total $5,224.

First of all, we will subtract deductions from annual gross income to get total taxable income.

Upon looking at our given table, we can see that $66,949 lies in second row of taxable income as $66,949 is between $50,000-$75,000.

The amount of federal corporate income tax would be $7,500 plus 25% of amount over $50,000 that would be $16,949 ($66,949-$50,000).

Therefore, the amount of the federal corporate income tax is $11737.25.

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