A corporation has a taxable income of $2,560,134. At this income level, the federal income rate is
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A corporation has a taxable income of $2,560,134. At this income level, the federal income rate is 55%, the state tax rate is 23%, and the local tax rate is 10%. If each tax rate is applied to the total taxable income, the company would have to pay $2,560,134 * 0.10 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?
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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