Write a system of two equations in two unknowns for each problem. Solve each
system by substitution.
Corporate taxes. According to Bruce Harrell, CPA, the amount of federal income
tax for a class C corporation is deductible on the Louisiana state tax return,
and the amount of state income tax for a class C corporation is deductible on
the federal tax return. So for a state tax rate of \(5 \%\) and a federal tax
rate of \(30 \%,\) we have state tax \(=0.05(\text { taxable income }-\text {
federal tax })\) and federal tax \(=0.30\) (taxable income - state tax). Find the
amounts of state and federal income taxes for a class C corporation that has a
taxable income of \(\$ 100,000.\)