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Please answer BOTH parts and I will be sure to like! Question 6 6 pts A corporation has a taxable income of $2,137,254. At this
Please answer BOTH parts and I will be sure to like!
Question 6 6 pts A corporation has a taxable income of $2,137,254. At this income level, the federal income rate is 54%, the state tax rate is 17%, and the local tax rate is 10%. If each tax rate is applied to the the total taxable income, the company would have to pay $2,137,254 0.54 in federal taxes. Luckily for the corporation, the taxes paid are deducted as described above. How much is paid in federal taxes if the customary deductions are taken into consideration? $ Round to the nearest dollar. Question 7 6 pts A corporation has a taxable income of $3,882,743. At this income level, the federal income rate is 52%, the state tax rate is 18%, and the local tax rate is 15%. If each tax rate is applied to the the total taxable income, the company would have to pay $3,882,743 * 0.15 in local taxes. Luckily for the corporation, the taxes paid are deducted as described above. How much is paid in local taxes if the customary deductions are taken into consideration? $ Round to the nearest dollar. Question 6 6 pts A corporation has a taxable income of $2,137,254. At this income level, the federal income rate is 54%, the state tax rate is 17%, and the local tax rate is 10%. If each tax rate is applied to the the total taxable income, the company would have to pay $2,137,254 0.54 in federal taxes. Luckily for the corporation, the taxes paid are deducted as described above. How much is paid in federal taxes if the customary deductions are taken into consideration? $ Round to the nearest dollar. Question 7 6 pts A corporation has a taxable income of $3,882,743. At this income level, the federal income rate is 52%, the state tax rate is 18%, and the local tax rate is 15%. If each tax rate is applied to the the total taxable income, the company would have to pay $3,882,743 * 0.15 in local taxes. Luckily for the corporation, the taxes paid are deducted as described above. How much is paid in local taxes if the customary deductions are taken into consideration? $ Round to the nearest dollarStep by Step Solution
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