Annual operating revenue is $1.2 million with expenses of $0.4 million and $350,000 depreciation on assets. The state imposes a flat rate of 6% on all taxable income. a) Use Approach #1 (separate state and federal tax rates) to find o State taxes due o Federal taxes due oTotal taxes due b) Use Approach #2 (combined marginal tax rate) to find Combined marginal tax rate t Combined taxes due using tm c) What is the effective (average) tax rate? Annual operating revenue is $1.2 million with expenses of $0.4 million and $350,000 depreciation on assets. The state imposes a flat rate of 6% on all taxable income. a) Use Approach #1 (separate state and federal tax rates) to find o State taxes due o Federal taxes due oTotal taxes due b) Use Approach #2 (combined marginal tax rate) to find Combined marginal tax rate t Combined taxes due using tm c) What is the effective (average) tax rate