Corporate Tax Rates - 2008 - 2009

Using the table below, here is an example of how to compute your corporate tax amount:
If your corporate net income is $8,000,000, your tax would be:

• $113,900, plus
  
• 34% of income over $335,000 and under $10,000,000. The income over $335,000 is $7,665,000.
  
• 34% of $7,665,000 is $2,606,100.
  
• So your total corporate tax is $113,900 plus $2,606,100 = $2,720,000.
  Tax Rate Schedule

  If taxable income (line 30, Form 1120) on page 1 is:

  Over	But not over	Tax is	Of 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	5,150,000 + 38%	15,000,000
  18,333,333	____	35%	0