L5 ### Corporate Income TaxA corporation's taxable income is taxed at the federal, state, and local levels. It is customary for an agency to deduct the taxes paid to other agencies before computing the company's tax liability. For example, the federal taxes are based on the income that remains after the state and local taxes are deducted. Similarly, the state taxes are based on the income that remains after federal and local taxes are deducted; the local taxes are based on the income that remains after state and federal taxes are deducted. ### Corporate Income Tax Calculation#### Scenario:A corporation has a taxable income of $7,031,822. At this income level, the federal income tax rate is 53%, the state tax rate is 23%, and the local tax rate is 14%. If each tax rate is applied to the total taxable income, the resulting tax liability for the corporation would be \[ 53\% + 23\% + 14\% \]Luckily for the corporation, the taxes paid are deducted as described above. #### Question:What is the tax liability (as a percentage of taxable income) if the customary deductions are taken into consideration? Round to the nearest tenth of a percent (one decimal place).\[ \_\_\_\_\_\_\_\_\_\% \]Please enter your answer in the provided box.

According to the question, it is given that : A corporation's taxable income = $7031822 At this…

Use the Corporate Income Tax information above to answer this question. A corporation has a taxable income of $7,031,822. At this income level, the federal income rate is 53%, the state tax rate is 23%, and the local tax rate is 14%. If each tax rate is applied to the the total taxable income, the resulting tax liability for the corporation would be (53 + 23 + 14)%. Luckily for the corporation, the taxes paid are deducted as described above. What is the tax liability (as a percentage of taxable income) if the customary deductions are taken into consideration? %. Round to the nearest tenth of a percent (one decimal place).

Use the Corporate Income Tax information above to answer this question. A corporation has a taxable income of $7,031,822. At this income level, the federal income rate is 53%, the state tax rate is 23%, and the local tax rate is 14%. If each tax rate is applied to the the total taxable income, the resulting tax liability for the corporation would be (53 + 23 + 14)%. Luckily for the corporation, the taxes paid are deducted as described above. What is the tax liability (as a percentage of taxable income) if the customary deductions are taken into consideration? %. Round to the nearest tenth of a percent (one decimal place).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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