A corporation has a taxable income of $2,151,138. At this income level, the federal income rate is 52%, the state tax rate is 18%, and the local tax rate is 14%. If each tax rate is applied to the the total taxable income, the company would have to pay $2,151,138 * 0.14 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. LA $

A corporation has a taxable income of $2,151,138. At this income level, the federal income rate is 52%, the state tax rate is 18%, and the local tax rate is 14%. If each tax rate is applied to the the total taxable income, the company would have to pay $2,151,138 * 0.14 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. LA $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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