Compute the overall income tax rate on harbor income

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Reference no: EM131902279

For the current year, Harbor Corporation earned before-tax income of $776,000. Harbor operates in a single state with a 10 percent state income tax rate. Use Corporate tax rate schedule.

Compute Harbor's state income tax liability.

Assuming Harbor deducts state income taxes when accrued, compute Harbor's federal taxable income and federal income tax.

Compute the overall income tax rate on Harbor's income.

Reference no: EM131902279

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