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For the current year, Harbor Corporation earned before - tax income of $ 7 7 6 , 0 0 0 . Harbor operates in a

For the current year, Harbor Corporation earned before-tax income of $776,000. Harbor operates in a single state with a 10 percent state income tax rate.
Assuming Harbor deducts state income taxes when accrued, compute Harbor's federal taxable income and federal income tax.
Compute the overall income tax rate on Harbor's income.

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