For a federal tax of 36.4% and state income tax of 7.5% per year, calculate the effective income tax rate
Effective Income Tax = (1 + Federal tax rate)*(1+State income tax) - 1
Effective Income Tax = (1 + 0.364)*(1 + 0.075) - 1
Effective Income Tax = 0.4663
Effective Income Tax = 46.63%
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For a federal tax of 36.4% and state income tax of 7.5% per year, calculate the...
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