Effective income tax rate when the federal income tax rate

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Reference no: EM131563433

Suppose state income taxes and local income taxes are treated as expenses for purposes of calculating federal taxable income and hence federal income taxes. Determine the effective income tax rate when the federal income tax rate is 33?%, the state income tax rate is 7?%, and the local income tax rate is 1?%.

Reference no: EM131563433

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