Assignment 3: Calculating Tax CostMicrotech Software Corporation (MSC) was founded in 2001. The founder, Chan Li, studied at MIT and worked for a large software corporation before returning to his hometown, Centervale, to set up his own company.The corporate tax rate structure applicable in Centervale is as follows:Taxable IncomeTax RateUp to $50,00015 percentFrom $50,001 through $150,00022 percentIncome in excess of $150,00030 percentMSC has an opportunity to invest in a project that is expected to generate an additional $55,000 of taxable income.Compute the tax cost of this additional income for the following three scenarios:MSC’s taxable income before the additional income is $45,000.MSC’s taxable income before the additional income is $300,000.MSC has a loss of $5,000 before considering the additional income.Show all the steps of the calculation and the final answer for each scenario. Compare the results for the three scenarios and comment on any differences.Write a one page paper in MS Word format. Apply APA standards for writing style to your work.Use the following file naming convention: LastnameFirstInitial_M1_A3.doc.By Saturday, September 6, 2014 deliver your assignment to the M1: Assignment 3 Dropbox.
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