L6 Use the Corporate Income Tax information above to answer this question.A corporation has a taxable income of $2,959,971. At this income level, thefederal income rate is 50%, the state tax rate is 19%, and the local tax rate is10%. If each tax rate is applied to the the total taxable income, the companywould have to pay $2,959,971 * 0.50 in federal taxes. Luckily for thecorporation, the taxes paid are deducted as described above. How much is paidin federal taxes if the customary deductions are taken into consideration?Round to the nearest dollar. Corporate Income TaxA corporation's taxable income is taxed at the federal, state, and local levels. Itis customary for an agency to deduct the taxes paid to the other agencies beforecomputing the company's tax liability. For example, the federal taxes are basedon 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 andlocal taxes are deducted; the local taxes are based on the income that remainsafter state and federal taxes are deducted.

Income Tax- The federal, state, and municipal governments levy taxes on the gross income of people,…

Use the Corporate Income Tax information above to answer this question. A corporation has a taxable income of $2,959,971. At this income level, the federal income rate is 50%, the state tax rate is 19%, and the local tax rate is 10%. If each tax rate is applied to the the total taxable income, the company

Use the Corporate Income Tax information above to answer this question. A corporation has a taxable income of $2,959,971. At this income level, the federal income rate is 50%, the state tax rate is 19%, and the local tax rate is 10%. If each tax rate is applied to the the total taxable income, the company

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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