Corporate Income Tax

[Kathleen Reynolds]

#2666

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Calculates the tax payable for the years 1987 to the current year by C corporations, personal service corporations, and trusts and estates. The taxpayer’s net income after payment of the tax, the top marginal bracket, and the percentage of total income lost to federal income tax are also computed.

This calculation determines the corporation’s federal tax payable and the net income after payment of the tax. Also calculated are the top marginal bracket and the percentage of total income lost to the federal income tax. These calculations are also performed for service corporations and trusts/estates.

Entering Data

• Year Enter the year of the computation. The program handles 1987 through the current year.
• Taxable Income Enter the total amount of taxable income.

Results

The program shows the tax payable for C corporations, service corporations, and trusts and estates. Also displayed are the net amount of income remaining after the federal tax has been paid, the marginal rate (the rate that will be levied against the next dollar earned by the taxpayer), and the overall rate (percentage of taxable income lost in taxes).

 

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