Mel Company Has a Net Income, Before Taxes, of $95,000

Multiple Choice

Mel Company has a net income, before taxes, of $95,000. The treasurer of the company estimates 45% of net income will have to be paid for federal and state taxes. The tax for both federal and state is:

A) $21,111.
B) $42,750.
C) $42,560.
D) $47,250.
E) None of these.