Corporate Income Taxes
|
Taxable |
But not |
The tax is: |
Of the |
||
| income over |
over |
amount over | |||
| 0 | 50,000 | 15% | 0 | ||
| 50,000 | 75,000 | $ 7,500 + 25% | 50,000 | ||
| 75,000 | 100,000 | $ 13,750 + 34% | 75,000 | ||
| 100,000 | 335,000 | $ 22,250 + 39% | 100,000 | ||
| 335,000 | 10,000,000 | $ 113,900 + 34% | 335,000 | ||
| 10,000,000 | 15,000,000 | $3,400,000 + 35% | 10,000,000 | ||
| 15,000,000 | 18,333,333 | $5,140,000 + 38% | 15,000,000 | ||
| 18,333,333 | - | 35% | 0 | ||
| If the corporation has taxable income over $100,000, then the tax as determined under the above schedule is increased by 5% of the excess over $100,000 or $13,750, whichever is less (Code Sec. 11(b) in RIA's Federal Tax Coordinator 2d). As a result of this increase, a corporation with taxable income of at least $335,000 pays a flat rate of 34%. | |||||