What is the combined tax rate if the federal rate is 15% and the state rate...

Question

Question

What is the combined tax rate if the federal rate is 15% and the state rate is 7%?

22%

21%

23%

15%

business finance

Answer 1

Answer #1

Combined tax rate=Federal rate+state rate

Combined tax rate=15%+7%

Combined tax rate=22%

Answer 2

Similar Homework Help Questions

If the federal income tax rate is 21% and the state tax rate is 7% (and state taxes are deductible from federal taxes),...

If the federal income tax rate is 21% and the state tax rate is 7% (and state taxes are deductible from federal taxes), what is the effective income tax rate? Choose the correct answer below. O A. The effective income tax rate is 21% O B. The effective income tax rate is 26.5%. OC. The effective income tax rate is 24.5%. OD. The effective income tax rate is 28%
1. Suppose that a tax payer is in the 15% tax-rate bracket for the federal individual...

1. Suppose that a tax payer is in the 15% tax-rate bracket for the federal individual income tax and faces a 5% state income tax. a. If the taxpayer cannot deduct either tax against the other, what is the taxpayer’s combined marginal tax rate? What is the marginal tax rate if the taxpayer itemizes federal deductions and deducts the state tax? What if there was reciprocal deductibility? b. Now calculate all three combined marginal tax rates assuming that the state...
Given a federal tax rate = 30 % and a state-tax rate = 7% then for...

Given a federal tax rate = 30 % and a state-tax rate = 7% then for a $1,000 Treasury bond paying 3.5 % interest per year, what is the tax-equivalent yield? 22.

Creative Productions Inc., has a tax rate of 30% (Federal and State combined), an EBIT of...

Creative Productions Inc., has a tax rate of 30% (Federal and State combined), an EBIT of $400,000, net working capital of $80,000, fixed assets of $1,200,000, and current liabilities of $220,000, no long term liabilities, and a cost of capital of 8.37%. The firm had no interest expense. What is the firm's ROIC? NOTE: ROIC is Return on Invested Capital. Assume a simplified formula for ROIC to be equal to Net Income/(Total Long Term Debt+Total Equity) 33.33% 12.34% () 21.88%...
5) If you have a state tax rate of 7%, and a federal tax rate of...

5) If you have a state tax rate of 7%, and a federal tax rate of 33%, what is your effective total tax rate? Also, if you want to achieve at least a 10% rate of return after taxes, what value should you use for your before-tax rate of return?
An investor is in a 35% combined federal plus state tax bracket. If corporate bonds offer...

An investor is in a 35% combined federal plus state tax bracket. If corporate bonds offer 9.75% yields, what must municipals offer for the investor to prefer them to corporate bonds? (Round your answer to 2 decimal places.)

please answer the question correct Using the following post-2018 tax cut tax rate schedule for Federal...

please answer the question correct Using the following post-2018 tax cut tax rate schedule for Federal and Arkansas State corporate taxes, answer the following for XZY Corporation: a. What is the: (i) Federal marginal tax rate; (ii) Arkansas state marginal tax rate; and (iii) combined Federal and Arkansas state marginal tax rate for an Arkansas corporation that will earn $40,000 in 2018. b. What will the company’s after-tax earnings be after accounting for combined Federal and Arkansas state corporate taxes?...
An investor is in a 35% combined federal plus state tax bracket. If corporate bonds offer...

An investor is in a 35% combined federal plus state tax bracket. If corporate bonds offer 9.50% yields, what yield must municipals offer for the investor to prefer them to corporate bonds? (Round your answer to 2 decimal places.) Minimum municipals offer: ____%
2. A developer pays federal income tax at a marginal rate of 27% and state tax...

2. A developer pays federal income tax at a marginal rate of 27% and state tax of 6%. What is his effective tax rate?

Consider a corporation whose taxable income without state income tax is &n

Consider a corporation whose taxable income without state income tax is Gross revenue $3,700,000 All expenses $1,600,000 If the marginal federal tax rate is 35% and the marginal state rate is 5%, compute the combined state and federal taxes using the two methods. State taxable income is $_________. (Round to the nearest dollar.) State income tax is $_________. (Round to the nearest dollar.) Federal taxable income is $____________. (Round to the nearest dollar.) Federal income tax is $__________....