Use the Corporate Income Tax information above to answer this question. A corporation has a taxable income of $7,031,822. At this income level, the federal income rate is 53%, the state tax rate is 23%, and the local tax rate is 14%. If each tax rate is applied to the the total taxable income, the resulting tax liability for the corporation would be (53 + 23 + 14)%. Luckily for the corporation, the taxes paid are deducted as described above. What is the tax liability (as a percentage of taxable income) if the customary deductions are taken into consideration? %. Round to the nearest tenth of a percent (one decimal place).

Use the Corporate Income Tax information above to answer this question. A corporation has a taxable income of $7,031,822. At this income level, the federal income rate is 53%, the state tax rate is 23%, and the local tax rate is 14%. If each tax rate is applied to the the total taxable income, the resulting tax liability for the corporation would be (53 + 23 + 14)%. Luckily for the corporation, the taxes paid are deducted as described above. What is the tax liability (as a percentage of taxable income) if the customary deductions are taken into consideration? %. Round to the nearest tenth of a percent (one decimal place).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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