Calculate the state and federal taxes owed by abc also, Business Economics

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Calculate the state and federal taxes owed by abc also

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. (Answer: t_e 26%)

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Business Economics: Calculate the state and federal taxes owed by abc also

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Business Economics: Calculate the state and federal taxes owed by abc also

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