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1. Use the following tax table to answer this question: Riddell, Inc. earned $144,320 in taxable income for the year. How much tax does the
1. Use the following tax table to answer this question: Riddell, Inc. earned $144,320 in taxable income for the year. How much tax does the company owe on this income? What is the average tax rate? What is the marginal tax rate?
taxable income $0- /$50,000 tax rate 15%
taxable income 50,000-/75,000 tax rate 25
taxabel income 75,001-/100,000 tax rate 34
taxable income 100,001-/335,000 tax rate 39
taxabel income 335,001-/10,000,000 tax rate 34
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