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

