Your firm is in a major industrialized state which has a, Business Economics

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Your firm is in a major industrialized state which has a

Your firm is in a major industrialized state, which has a state corporate tax rate of 9.5% of taxable income. If your firm has a gross income of $500,000, operating expenses of $275,000, and depreciation charges of $75,000: a) What is the taxable income? b) What is the total state and federal tax paid? c) What is the combined incremental state and federal income tax rate?

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