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In the year 2018, a corporation made $20.4 Million in revenue, $2.42 Million of operating expenses, and depreciation expenses of $7.37Million. The state income tax
In the year 2018, a corporation made $20.4 Million in revenue, $2.42 Million of operating expenses, and depreciation expenses of $7.37Million. The state income tax rate is 1010% and the federal income tax rate is 21%. How much (a) state income tax, and (b) federal income tax will this corporation pay in this tax year? Assume that the state income tax is a tax-deductable expence when filing federal income tax.
The approximate state income tax rate is $_______ Million (Round to three decimal places.)
The approximate federal tax is $ _______Million. (Round to three decimal places.)
The combined effective income tax rate is _____ (Round to the nearest decimal.)
The ATCF for the year 2018 is $ _____ Million (Round to three decimal places.)
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