A company wants to set up a new office in a country where the corporate tax rate is: 15% of first $50,000 of taxable income; 25% of the next $25,000; 34% of next $25,000 of taxable income; and 39% of any taxable income over $100,000. Executives estimate that they will have gross revenues of $500,000; total costs of $300,000; $30,000 in allowable tax deductions; and they are eligible for a one-time business start-up tax credit of $8,000.

What is taxable income for the first year, and how much should the company expect to pay in taxes?