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In the year 2019 , a corporation made $20.1 Million in revenue, $2.2 Million of operating expenses, and depreciation expenses of $5.6 Million. The state

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In the year 2019 , a corporation made $20.1 Million in revenue, $2.2 Million of operating expenses, and depreciation expenses of $5.6 Million. The state income tax rate is 8% 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 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 2019 is $ Million. (Round to three decimal places.)

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