tions burse Use the Corporate Income Tax information above to answer this question. A corporation has a taxable income of $2,037,492. At this income level, the federal income rate is 50%, the state tax rate is 20%, and the local tax rate is 12%. If each tax rate is applied to the the total taxable income, the company would have to pay $2,037,492 0.12 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.