A corporation has a taxable income of $1,694,593.  At this income level, the federal income rate is 47%, the state tax rate is 18%, and the local tax rate is 9%.  If each tax rate is applied to the total taxable income, the company would have to pay $1,694,593 * 0.47 in federal taxes.  Luckily for the corporation, the taxes paid are deducted as described above.  How much is paid in federal taxes if the customary deductions are taken into consideration?

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If the corporation has a taxable income of 1694593 and the federal income rate is 47 the state tax r... View the full answer