Thrush Corporation, a calendar year C corporation, files its current year Form 1120, which reports taxable income of $200,000 for the year. The corporation's tax is $42,000.

Name: Thrush Corporation, a calendar year C corporation, files its current year Form 1120, which reports taxable income of $200,000 for the year. The corporation's tax is $42,000.
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For a C corporation, the tax rate is a flat 21% on taxable income. Therefore, $200,000 x 21% = $42,000.

Thrush Corporation, a Calendar Year C Corporation, Files Its Current