To calculate the federal income tax before credits for a corporation, we need to determine the taxable income first. Taxable income is calculated by subtracting deductible business expenses from the revenue.
In this case, the taxable income would be:
Taxable Income = Revenue - Deductible Business Expenses
= $350,000 - $240,000
= $110,000
To determine the federal income tax, we would apply the corporate tax rate to the taxable income. Corporate tax rates can vary, so it's important to consult the applicable tax laws and rates for the specific year and jurisdiction.
Please note that tax calculations can be complex and depend on various factors. It's always advisable to consult a tax professional or refer to the relevant tax regulations for accurate and up-to-date information.