> Question 6 6 pts Use the Corporate Income Tax information above to answer this question. A corporation has a taxable i

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Question 6 6 Pts Use The Corporate Income Tax Information Above To Answer This Question A Corporation Has A Taxable I 1 (60.65 KiB) Viewed 23 times

> Question 6 6 pts Use the Corporate Income Tax information above to answer this question. A corporation has a taxable income of $1,100,222. At this income level, the federal income rate is 46%, the state tax rate is 18%, and the local tax rate is 15%. If each tax rate is applied to the the total taxable income, the company would have to pay $1,100,222 * 0.46 in federal taxes. Luckily for the corporation, the taxes paid are deducted as described above. How much is paid in federal taxes if the customary deductions are taken into consideration? $ Round to the nearest dollar. Question 7 6 pts Use the Corporate Income Tax information above to answer this question. A corporation has a taxable income of $3,908,945. At this income level, the federal income rate is 52%, the state tax rate is 16%, and the local tax rate is 11%. If each tax rate is applied to the the total taxable income, the company would have to pay $3,908,945 * 0.11 in local taxes. Luckily for the corporation, the taxes paid are deducted as described above. How much is paid in local taxes if the customary deductions are taken into consideration? $ Round to the nearest dollar.