A corporation has the following financial information for a typical operating year. Gross revenue.....................................$6,500,000 Cost of goods

Question:

A has the following financial information for a typical operating year.
Gross revenue.....................................$6,500,000
Cost of goods sold............................... 3,450,000
Operating costs.................................... 650.000
Federal taxes....................................... 332.000
State taxes.......................................... 193,120
(a) On the basis of this financial information, determine both federal and state marginal tax rates.
(b) Determine the combined marginal tax rate for this 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...