Oakdale Fashions, Inc., had $245,000 in 2018 taxable income. Using the tax schedule in Table 2.3, calculate
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Oakdale Fashions, Inc., had $245,000 in 2018 taxable income. Using the tax schedule in Table 2.3, calculate the company's 2018income taxes. What is the average tax rate? What is the marginal tax rate?
Table 2.3 Corporate Tax Rates as of 2018
Transcribed Image Text:
Plus this Percentage on Anything Over the Base 15% 25 34 39 34 35 Taxable Income Pay this Amount on Base Income $0-$50,000 $50,001-$75,000 7,500 13,750 $75,001-$100,000 22,250 113,900 $100,001-$335,000 $335,001-$10,000,000 $10,000,001-$15,000,000 $15,000,001-$18,333,333 Over $18,333,333 3,400,000 5,150,000 38 35 6,416,667
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