Question: During the most recent year a company generated sales of $3.14 million. The combined cost of goods sold and the operating expenses were $2.08 million. Also $412,000 in interest expense was paid during the year. Calculate the corporation's tax liability by using the corporate tax rate structure:
Corporate Tax Rates
15% $0-$50000
25% $50,001-$75000
34% $75001-$10000000
35% $over $10000000
Additional surtax :
5% on income between $100000-$335000
3% on income between $15000000 and $18333333  Edit