A major industrialized state has a state corporate tax rate of 9.6% of taxable income. If a

Question:

A major industrialized state has a state corporate tax rate of 9.6% of taxable income. If a has a state taxable income of $150,000, what is the total state and federal income tax it must pay? Also, compute its combined incremental state and federal income tax rate. (Answers: $50,534; 43.93%) Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...