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 Rate Up to $50,00015 percent From $50,001 through $150,00022 percent Income 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- to two-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 Wednesday, June 28, 2017 deliver your assignment to the M1: Assignment 3 Dropbox.a). MSC’s taxable income before the additional income is $45,000.plus the additional55,000=100,000tax;first 50,000 =50,000*15% =7,500next 50,000=50,000*22%=11,000total tax =18,500 b). MSC’s…