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1. Calculate the corporate tax on earnings before tax (EBT) of the following amounts:

a. $37,000

b. $57,000

c. $88,500

d. $110,000

e. $5,375,000

f. $14,000,000

g. $17,350,000

h. $23,500,000

2. Microchip Inc. had the following profits and losses in the years indicated.

2004	$5,000,000
2005	350,000
2006	(3,450,000)

How much federal tax will it eventually pay for 2004? The corporate tax schedule on page 48 is the same for all three years.

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