Corporate Income Tax A corporation's taxable income is taxed at the federal, state, and local levels. It is customary for an agency to deduct the taxes paid to the other agencies before computing the company's tax liability. For example, the federal taxes are based on the income that remains after the state and local taxes are deducted. Similarly, the state taxes are based on the income that remains after federal and local taxes are deducted; the local taxes are based on the income that remains after state and federal taxes are deducted. Use this information to answer questions 5-7 below. Question 5 6 pts Use the Corporate Income Tax information above to answer this question. A corporation has a taxable income of $7,216,588. At this income level, the federal income rate is 51%, the state tax rate is 17%, and the local tax rate is 12%. If each tax rate is applied to the the total taxable income, the resulting tax liability for the corporation would be (51 +17 +12) %. Luckily for the corporation, the taxes paid are deducted as described above. What is the tax liability (as a percentage of taxable income) if the customary deductions are taken into consideration? %. Round to the nearest tenth of a percent (one decimal place).