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$101,850 the corporation's income tax liability for 2018 before tax credits.Quince Corporation has taxable income of $485,000 for its calendar tax year.
With effect from January 1, 2018, corporate income tax rate is 21%
Quince Corporation has taxable income of $485,000 for its calendar tax year
Hence, Â corporation's income tax liability for 2018 before tax credits = 485,000 x 21%= $101,850
Individuals (or family units) and corporations are subject to income taxes. The basis for calculating individual income tax is the income received. Since the burden is presumably on the individuals who pay it, it is typically categorized as a direct tax.
Learn more about income tax here:
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