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Asap. Please use matrix method please 4 1.6 Application Assume a corporation...

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Accounting

Asap. Please use matrix method please image
4 1.6 Application Assume a corporation has a taxable income of $10,000,000 At this income level, the federal income tax rate is 30 %, the state income tax rate is 15 %, and the local income tax is 5 % If each tax rate is applied to the total taxable income, the resulting tax liability for the corporation would be 50 %. However it is customary to deduct taxes paid to one agency as business expense before computing taxes for the other agencies. For example the federal taxes is based on the income that remains after the state and local taxes are deducted, and the state and local taxes are computed in similar fashion. What is the total tax liability for the corporation

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