What are the 2011 corporate tax rates?

This is an interesting (and timely) question.  Corporations don’t pay just one tax rate.  It depends on the level of taxable income.  In order to find the answer, I looked at the instructions for Form 1120, on the IRS website.  Under schedule J, line 2, it lists the tax rate schedule.

Over But not over Tax is Of the amount over
$0 $50,000 15% $0
$50,000 $75,000 $7,500 + 25% $50,000
$75,000 $100,000 $13,750 + 34% $75,000
$100,000 $335,000 $22,250 + 39% $100,000
$335,000 $10,000,000 $113,900 + 34% $335,000
$10,000,000 $15,000,000 $3,400,000 + 35% $10,000,000
$15,000,000 $18,333,333 $5,150,000 + 38% $15,000,000
$18,333,333 35% $0

So, those are the federal income tax rates.  What about the state corporate income tax rate?  According to Tax Foundation, the rate in Wisconsin for 2011 is 7.9%.

There might need to be a second post sometime soon to look further into these numbers.

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