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Pavlova-9 [17]
3 years ago
13

This year, Mesa Inc.’s before-tax income was $11,252,000. It paid $529,000 income tax to Minnesota and $451,000 income tax to Il

linois. Compute Mesa’s federal income tax. What is Mesa’s tax rate on its income?
Business
1 answer:
Sever21 [200]3 years ago
6 0

Answer:

Before-tax income                                                                   $ 11,252,000

Less: Deduction for state income tax(529000+451000)   $      980,000

Taxable Income                                                                   $   10,272,500

Tax rate                                                                                                        21%

Federal income tax                                                           $   2,157,225.00

Mesa’s combined tax rate

= ([$980,000 state tax + $2,157,225 federal tax] ÷ $11252000) 27.88%

Explanation:

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