1 answer

This year, Mesa Inc.’s before-tax income was $10,814,500. It paid $494,000 income tax to Minnesota and...

Question:

This year, Mesa Inc.’s before-tax income was $10,814,500. It paid $494,000 income tax to Minnesota and $430,000 income tax to Illinois.

  1. Compute Mesa’s federal income tax.
  2. What is Mesa’s combined tax rate on its income?

Answers

Before-tax income $ 10,814,500.00
Less: Deduction for state income tax(494000+430000) $      924,000.00
Taxable Income $   9,890,500.00
Tax rate 21%
Federal income tax $   2,077,005.00
Mesa’s combined tax rate = ([$924,000 state tax + $2,077,005 federal tax] ÷ $10814500) 27.75%
.

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