Question

Required information Borsberry Medical has a gross income of \( \$ 6.7 \) million for the year. Depreciation and operating expenses total \( \$ 5.5 \) million. The combined state and local tax rate is

Answer 1

The subject of this question is Business and the grade level is College. To calculate the combined state and local tax rate for Borsberry Medical, we need to know the amount of tax paid and the taxable income.

Step-by-step explanation:

The subject of this question is Business. Borsberry Medical's gross income for the year is $6.7 million. The total depreciation and operating expenses amount to $5.5 million. To find the combined state and local tax rate, we can use the formula: Tax Rate = (Tax Paid / Taxable Income) x 100. We need to know the amount of tax paid and the taxable income to calculate the tax rate.