A corporation has Gross Revenue of $5,200,000 and all of the expenses incurred are $2,700,000. Now, calculate the State Taxable Income for the Tax Year 2020 with itemized deductions and non-itemized deductions and also calculate the federal income taxes. 

Assume Marginal federal tax rate of 35%, assume Marginal State Tax rate of 5%.

Answer rating: 100% (QA)

With Itemized Deduction Gross Income a 5200000 Less Expenses b 2700000 Taxable State ... View the full answer