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 incometax 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 federalincome 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-

Taxable income refers to the compiled value of money gained by an entity through its business…

Answered: is $ Million (Round to three decimal…

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.)

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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Question

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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