In the year 2018, a corporation made $20.4 Million in revenue, $2.42 Million of operating expenses, and depreciation expenses of $7.37 Million. The state income tax rate is 1010% 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 rate is $_ The approximate federal tax is $ The combined effective income tax rate is The ATCF for the year 2018 is $ Million (Round to three decimal places.) Million. (Round to three decimal places.) (Round to the nearest decimal.) Million (Round to three decimal places.)

In the year 2018, a corporation made $20.4 Million in revenue, $2.42 Million of operating expenses, and depreciation expenses of $7.37 Million. The state income tax rate is 1010% 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 rate is $_ The approximate federal tax is $ The combined effective income tax rate is The ATCF for the year 2018 is $ Million (Round to three decimal places.) Million. (Round to three decimal places.) (Round to the nearest decimal.) Million (Round to three decimal places.)

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 10P

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