Based on the income that remains after state and federal taxes are deducted. A corporation has a
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Based on the income that remains after state and federal taxes are deducted.
A corporation has a taxable income of $7,325,957. At this income level, the federal income rate is 53%, the state tax rate is 22%, and the local tax rate is 8%. If each tax rate is applied to the total taxable income, the resulting tax liability for the corporation would be (53 + 22 + 8)%. 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?
Related Book For
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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