The first problem says "Last year, the gross income of a small business was $240,000; the expenses were $72,000; and the depreciations of its capital assets were $25,000. If the state income tax rate was 8% and the federal income tax rate was 21%, determine the following two parameters;

a) The state income tax

A. $17,200

B. $9,038

C. $19,200

D. $11,440

E. $13,440

b) The federal income tax

A. $30,030

B. $47,998

C. $25,225

D. $50,400

E. $27,628

The second problem asks, "The following expenses are tax-deductible when a corporation files federal income tax return. Select all that apply"

A. Capital gain B. Operation and maintenance costs

C. State income tax

D. Depreciations of capital assets

E. Book values of capital assets

Please help me answer these questions! I will give a good review right away! Please neatly write out work and box answer! Please show work so I can understand it, do not use Excel as it is confusing for me! Please write out the work and show equations! Thank you!

Last year, the gross income of a small business was $240,000, the expenses were $72,000; and the depreciations of its capital assets were $25,000. If the state income tax rate was 8% and the federal income tax rate was 21%, determine the following two parameters: The state income tax (choose the nearest answer below) O A. $17,200 OB. $9,038 OC. $19,200 OD. $11,440 O E $13,440 The federal income tax (choose the nearest answer below) A. $30.030 OB $47,998 13 OC. $25,225 OD. $50,400 O E $27.628 To The following expenses are tax-deductable when a corporation files federal income tax return. Choose all that apply ww A. Capital gain B. Operation and maintenance costs C. State income tax D. Depreciations of capital assets E. Book values of capital assets