Scenario: The Smith Company, a C Corporation, in 2021 has a loss of $200,000. During 2022, 2023, 2024, and 2025, the company experienced the following:
2022 - income of $120,000
2023 - income of $50,000
2024 - loss of $20,000
2025 - income of $200,000
Determine the taxes paid/refunded in each year, 2021, 2022, 2023, 2024, and 2025. Assume the income tax rate for all years is a 21% flat tax rate on all income levels.