Problem
Given the following data, compute your combined income tax rate (CTR) assuming you deduct allowable expenses on yourincometax forms: a before-tax MARR of 5%, an inflation rate of 3%, a federalincome tax rate of 28%, a state income tax rate of 6%, a local city income tax of 3%, and a capital gains tax rate of 15%, as applicable. Contributed by D. P. Loucks, Cornell University.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.