(Computing income taxes) The WIlliam B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used trucks and is actively involved in the parts buiness. During the most recent year, the company generated sales of $3.05 million. The combined cost of goods sold and the operating expenses were $2.06 million. Also, $397,000 in interest expense was paid during the year. Calculate the corporations tax liability by using the corporation tax rate structure in the popup window.
Corporate Tax Rates
15% $0-$50,000
25% $ 50,001-$75,000
34% $ 75001-$10,000.00
35% over $10,000.00
. 5% on income between $100,000 and $335,000
. 3% on income between $15,000.00 and $18,333,333
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