Calculate FY 2021 Federal Income Taxes for XYZ Corporation. Remember, currently, the corporate income tax rate on taxable income for 2021 is a federal flat tax rate of 21%. Thus, assuming the average state income tax for corporation is 5%, the total corporate tax rate is a flat 26%. XYZ Corporation has the following income, deductions and dividends of $1.600.000 received from another corporation in which it has less than a 10 percent ownership: Income (EBIT) $28.000.000 Less Interest deduction (3,200,000) Taxable Dividends ressiveda 480.000 Taxable income $25.280.000 For a corporation, 70% of dividends received are excluded from taxes*, therefore, taxable dividends received are calculated as $1,600,000(1 - 0.70) = $480.000. 2021 FY Taxes = - $ Alternatively, the Biden Administration is proposing a 28% federal flat tax rate on corporate taxable income. Assuming this new federal corporate tax rate is retroactive to January 1, 2021, and the average state income tax for corporations remains at 5%, the total corporate tax rate is a flat 33%. What would total corporate taxes be for 2021, assuming a combined federal and state rate of a flat 33%. Alternative 2021 FY Taxes = = TA