In the year 2019, a corporation made $20.1 Million in revenue, $2.7 Million of operating expenses, and depreciation expenses of $5.8 Million. The state income tax rate is 6% 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. Million (Round to three decimal places.) The approximate state income tax is $ 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.)
In the year 2019, a corporation made $20.1 Million in revenue, $2.7 Million of operating expenses, and depreciation expenses of $5.8 Million. The state income tax rate is 6% 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. Million (Round to three decimal places.) The approximate state income tax is $ 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q.20.
Transcribed Image Text:In the year 2019, a corporation made $20.1 Million in revenue, $2.7 Million of operating expenses, and depreciation expenses of $5.8 Million. The state income tax
rate is 6% 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
The ATCF for the year 2019 is $
rate is %. (Round to the nearest decimal.)
Million. (Round to three decimal places.)
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