Final answer:
The taxable income for Zhao Events for the past year is $198,600, but without the complete tax schedule for this income level, the tax owed cannot be calculated.
Step-by-step explanation:
The taxable income for Zhao Events for the past year is $198,600. To calculate the firm's taxes, you would use a tax schedule that will specify the base amount of tax owed plus a certain percentage of income over a specified threshold. However, without the complete tax schedule that applies to Zhao Events' taxable income, we cannot calculate the exact amount of tax owed. For example, if we were to use the information from the self-check question's example, the calculation method would be to take a base figure (e.g., $837.50) and add to it a percentage (e.g., 15%) of the amount by which the taxable income exceeds a specified level (e.g., $8,375). Nevertheless, without the relevant tax brackets and percentages, this remains illustrative and not applicable to Zhao Events' case.