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What is the total state and federal income tax

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Reference no: EM132075803

Question: A rust-belt state has a state corporate tax rate of 6.4% of taxable income. A corporation has a state taxable income of $350,000.

a) What is the total state and federal income tax it must pay?

b) Compute its combined incremental state and federal income tax rate.

Reference no: EM132075803

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