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I report net earnings of 590,000 and total expenses and depreciation of 225,000. If the state taxes (local taxes) are 6% per year, it determines
I report net earnings of 590,000 and total expenses and depreciation of 225,000. If the state taxes (local taxes) are 6% per year, it determines the average percentage of federal tax and the effective tax rate
tax rate cash = local tax + (federal tax) (1-local tax), or tax rate effective = federal tax + (1- federal tax) (local tax)
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