In the year 2019, a corporation made $18.8 Million in revenue, $2.2 Million of operating expenses, and depreciation expenses of $6.4 Million. The state income tax rate is 11% and the federal income tax rate is 21%. How much (a) stat 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. 20 .. The approximate state income tax is $ Million (Round to three decimal places.) The approximate federal tax is s 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 S Million. (Round to three decimal places.)
In the year 2019, a corporation made $18.8 Million in revenue, $2.2 Million of operating expenses, and depreciation expenses of $6.4 Million. The state income tax rate is 11% and the federal income tax rate is 21%. How much (a) stat 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. 20 .. The approximate state income tax is $ Million (Round to three decimal places.) The approximate federal tax is s 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 S Million. (Round to three decimal places.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![In the year 2019, a corporation made $18.8 Million in revenue, $2.2 Million of operating expenses, and depreciation
expenses of $6.4 Million. The state income tax rate is 11% 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 S 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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffefac449-be80-42f2-a305-869101d8c1c3%2F23ca0afa-fd4f-474c-b1cd-c2043bd80c3f%2Ftki7np8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In the year 2019, a corporation made $18.8 Million in revenue, $2.2 Million of operating expenses, and depreciation
expenses of $6.4 Million. The state income tax rate is 11% 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 S 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.)
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