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 $__________. (Round to the nearest dollar.)
Combined state and federal tax is $_________. (Round to the nearest dollar.)
Combined tax rate is _____%. (Round to two decimal places.)
Combined state and federal tax using combined tax rate is $___________. (Round to the nearest dollar.)
Homework Answers
1. State taxable income
= 3700000 - 1600000
= $ 2100000
Now deduct 35% from $2100000
= 2100000 - 735000
= $1365000
Now the state tax is 5% so less state tax too
= 1365000 - 68250
= $1296750
2. State income tax = $ 68750
3. Federal taxable income = $ 2100000
4. Federal income tax = $ 735000
5. Combined tax = 735000 + 68750 = $ 803750
6. Combined tax rate = 803750 ÷ 2100000 × 100 = 38.27 %
7. Combined tax = 2100000 × 38.27% = $803750
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