Before paying employee bonuses and state and federal taxes

Reference no: EM13568649

Before paying employee bonuses and state and federal taxes, a company earns profits of $60,000. The company pays employees a bonus equal to 5% of after-tax profits. State tax is 5% of profits. Federal tax is 40% of profits. Determine the amount paid in bonuses, state tax, and federal tax.

Reference no: EM13568649

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