In the year 2019, a corporation made $20.1 Million in revenue, $2.7 Million of operating expenses, and depreciation expenses of $5.8 Million. The state income tax rate is 6% 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. Million (Round to three decimal places.) The approximate state income tax is $ 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.)

In the year 2019, a corporation made $20.1 Million in revenue, $2.7 Million of operating expenses, and depreciation expenses of $5.8 Million. The state income tax rate is 6% 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. Million (Round to three decimal places.) The approximate state income tax is $ 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.)

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 9DQ

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