A corporation has a taxable income of $7,712,222. At this income level, the federal income rate...

  

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A corporation has a taxable income of $7,712,222. At this income level, the federal income rate is 48%, the state tax rate is 22%, 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 (48 + 22+ 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). A corporation has a taxable income of $7,712,222. At this income level, the federal income rate is 48%, the state tax rate is 22%, 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 (48 + 22+ 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).

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Solution Corporations taxable income 7712222 Federal in... View the full answer