Question

Corporation XYZ has taxable income of $70,000 for the current year. It will owe taxes of:__________

Answer 1

Assuming that we are talking about this year, or the recent past, Corporation XYZ's tax expense = $70,000 x 21% = $14,700.

Step-by-step explanation:

The Tax Cuts and Jobs Act (2017) set the corporate tax rate at 21%, and that applies to all corporations. Before the TC&JA the corporate tax rate was 35%.