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Use the Corporate Income Tax information above to answer this question. A corporation has a taxable income of $7,857,693. At this income level, the
Use the Corporate Income Tax information above to answer this question. A corporation has a taxable income of $7,857,693. At this income level, the federal income rate is 47%, the state tax rate is 21%, and the local tax rate is 15%. If each tax rate is applied to the the total taxable income, the resulting tax liability for the corporation would be (47 + 21 +15)%. Luckily for the corporation, the taxes paid are deducted as described above. What is the tax liability (as a percentage of taxable income) if the customary deductions are taken into consideration? %. Round to the nearest tenth of a percent (one decimal place).
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