If the federal tax rate is 36% and the state tax rate is 7%, the effective tax rate is closest to: (choose one)
(a) 40.5%
(b) 37.3%
(c) 35.4%
(d ) 31.8%
Te = 0.07 + (1 – 0.07)(0.36) = 0.4048 (40.5%)
Answer is (a) 40.5%
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