Use the Corporate Income Tax information above to answer this question. A corporation has a taxable income of $7,817,812. At this income level, the federal income rate is 53%, the state tax rate is 19%, and the local tax rate is 9%. If each tax rate is applied to the the total taxable income, the resulting tax liability for the corporation would be (53 + 19 + 9)%. 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 $7,817,812. At this income level, the federal income rate is 53%, the state tax rate is 19%, and the local tax rate is 9%. If each tax rate is applied to the the total taxable income, the resulting tax liability for the corporation would be (53 + 19 + 9)%. 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).
Chapter24: Multistate Corporate Taxation
Section: Chapter Questions
Problem 29P
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