Use the Corporate Income Tax information above to answer

Last updated: 7/10/2022

Use the Corporate Income Tax information above to answer this question. A corporation has a taxable income of $7,857,693. At this income level, the federal income rate is 47%, the state tax rate is 21%, and the local tax rate is 15%. If each tax rate is applied to the total taxable income, the resulting tax liability for the corporation would be (47 + 21 +15) %. Luckily for the corporation, the taxes paid are deducted as described above. What is the tax liability (as a percentage of taxable income) if the customary deductions are taken into consideration? Round to the nearest tenth of a percent (one decimal place).