Calculate the state and federal taxes owed by abc

Reference no: EM132167988

Question: ABC Block's taxable income was $85,000 in the year just completed. The state where ABC was incorporated taxes corporate profits at a rate of 8% on the first $50,000 and 10% on any remaining income above $50,000. Calculate the state and federal taxes owed by ABC. Also, calculate the effective marginal tax rate on ABC's income.

Reference no: EM132167988

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