Your company generated 400000 in taxable income for 2015


Your company generated $400,000 in taxable income for 2015. Assume that your average Federal tax rate is 25% and your State tax rate is 8%.

What is your combined tax rate?

How much Federal tax do you owe?

 

How much State tax do you owe?

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Financial Management: Your company generated 400000 in taxable income for 2015
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