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A corporation has a taxable income of $2,513,245. At this income level, the federal income rate is 48%, the state tax rate is 19%, and
A corporation has a taxable income of $2,513,245. At this income level, the federal income rate is 48%, the state tax rate is 19%, and the local tax rate is 13%. If each tax rate is applied to the the total taxable income, the company would have to pay $2,513,245 * 0.13 in local taxes. Luckily for the corporation, the taxes paid are deducted as described above. How much is paid in local taxes if the customary deductions are taken into consideration? $ . Round to the nearest dollar.
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