is $ Million (Round to three decimal places Million. (Round to three decimal places.) ax rate is%. (Round to the nearest decimal.. Million. (Round to three decimal places.)
is $ Million (Round to three decimal places Million. (Round to three decimal places.) ax rate is%. (Round to the nearest decimal.. Million. (Round to three decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:In the year 2019, a corporation made $18.5 Million in revenue, $2.4 Million of operating expenses, and depreciation expenses of $7.5 Million. The state income tax rate is 9% and the federal income
tax rate is 21%. How much (a) state income tax, and (b) federal income tax will this corporation pay in this tax year? Assume that the state income tax is a tax-deductable expence when filing federal
income tax.
The approximate state income tax is $ Million (Round to three decimal places.)
The approximate federal tax is $ Million. (Round to three decimal places.)
The combined effective income tax rate is%. (Round to the nearest decimal.)
The ATCF for the year 2019 is $ Million. (Round to three decimal places.)
31-
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you sent the percentage but i need the
Approximate state income tax $
Approximate federal tex $
Combined effective income tax rate $
and the ATCF for the year 2109 $
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