Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. use the corporate income tax information above to

Use the Corporate Income Tax information above to answer this question. A corporation has a...

70.2K

Verified Solution

Question

Basic Math

image

Use the Corporate Income Tax information above to answer this question. A corporation has a taxable income of $7,857,693. At this income level, the federal income rate is 47%, the state tax rate is 21%, and the local tax rate is 15%. If each tax rate is applied to the total taxable income, the resulting tax liability for the corporation would be (47 + 21 +15) %. 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).

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

QUESTION 32 1. Organize the steps of the Avery-MacLeod-McCarty experiment in the correct order: (A) They treated...

Biology
1.2K views

Why do some people want less federal power over state decisions Each state has different...

Geometry
1.2K views

0 420 28 0 2 0 48 3 Monica has 12 different flavors of coffee...

Algebra
1.2K views

Simplify each expression by combining like terms 9n 4n 6

Accounting
1.2K views

Question 1: 40 points The balance sheets for Air Jordan Company is shown below. Additional...

Accounting
1.2K views

In which business growth stage would sales volume fall, ultimately impairing profit and causing less...

Accounting
1.2K views

Calculate the four profitability ratios presented in the chapter for LFC for 2017 and 2018,...

Accounting
1.2K views

11. Ah Sung has a business buying and selling parts for machines. You are given...

Accounting
1.2K views

Mohr Company purchases a machine at the beginning of the year at a cost of...

Finance
1.2K views

The most recent financial statements for Moose Tours, Inc., appear below. Sales for grow by...

Accounting
1.2K views

Global Press produces textbooks for high school accounting courses. The company recently hired a new...

Finance
1.2K views

Terrance is age 72 and retired. Beginning in 2022 , he must start taking minimum...