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The Dawg corporation has Gross Income of $4,250,000 not including Municipal Bond Interest of $40,000, and deductions of $950,
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Answer #1

ANSWER

Taxable Liability = (Gross income - deductions)*0.21

=(4,250,000-950,000)*0.21

=3,300,000 *0.21

=693,000

Taxable liability = $693,000

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