FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:In the year 2021, a corporation made $18.2 Million in revenue, $2.4 Million of operating expenses, and depreciation expenses of $6.2 Million. The state income tax rate is 9% and the
federal income tax rate is 21%. How much (a) state income tax, and (b) federal income tax will this corporation pay in this tax year? Assume that the state income tax is a tax-deductable
expence when filing federal income tax.
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The approximate state income tax is $ Million (Round to three decimal places.)
The approximate federal tax is $ Million. (Round to three decimal places.)
The combined effective income tax rate is%. (Round to the nearest decimal.)
The ATCF for the year 2021 is $ Million. (Round to three decimal places.)
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