Vermillion, Inc., a publicly held corporation (not a TARP recipient), pays the following salaries to its executives: Salary Bonus Retirement Plan Contribution CEO $2,000,000 $100,000 $80,000 Executive vice president 1,800,000 90,000 72,000 Treasurer 1,600,000 –0– 64,000 Marketing vice president 1,500,000 75,000 60,000 Operations vice president 1,400,000 70,000 56,000 Distribution vice president 1,200,000 60,000 48,000 Research vice president 1,100,000 –0– 44,000 Controller 800,000 –0– 32,000 Vermillion normally does not pay bonuses, but after reviewing the results of operations for the year, the board of directors decided to pay a 5% bonus to selected executives. What is the amount of these payments that Vermillion may deduct?
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