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A corporation has a taxable income of $1,783,953. At this income level, the federal income rate is 48%, the state tax rate is 18%, and
A corporation has a taxable income of $1,783,953. At this income level, the federal income rate is 48%, the state tax rate is 18%, and the local tax rate is 10%. If each tax rate is applied to the the total taxable income, the company would have to pay $1,783,953 * 0.48 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? $ . Round to the nearest dollar.
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