Compute combined income tax rate

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Reference no: EM131810218

Given the following data, compute your combined income tax rate (CTR) assuming you deduct allowable expenses on yourincometax forms: a before-tax MARRof5%,aninflation rateof3%,a federalincome tax rate of 28%, a state income tax rate of 6%, a local city income tax of 3%, and a capital gains tax rate of 15%, as applicable. Contributed by D. P. Loucks, Cornell University

Reference no: EM131810218

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