moration made $20.4 Million in revenue, $2.1 Million of operating expenses, and depreciation exp is 21%. How much (a) state income tax, and (b) federal income tax will this corporation pay in th eral income tax. ncome tax is $ Million (Round to three decimal places.) I tax is $ Million. (Round to three decimal places.) income tax rate is%. (Round to the nearest decimal.) 021 is $ 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
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In the year 2021, a corporation made $20.4 Million in revenue, $2.1 Million of operating expenses, and depreciation expenses of $6.4 Million. The state income tax rate is 12% 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 2021 is $ Million. (Round to three decimal places.)
Transcribed Image Text:In the year 2021, a corporation made $20.4 Million in revenue, $2.1 Million of operating expenses, and depreciation expenses of $6.4 Million. The state income tax rate is 12% 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 2021 is $ Million. (Round to three decimal places.)
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