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8. A firm has $225,000 of taxable income. Based on the tax schedule below: a) What is the firms Marginal tax rate? b) What is
8. A firm has $225,000 of taxable income. Based on the tax schedule below: a) What is the firms Marginal tax rate? b) What is the firms Average tax rate?(show your work)
| Taxable income >= | Taxable income <= | Tax rate |
| 0 | 50,000 | 15% |
| 50,001 | 75,000 | 25% |
| 75,001 | 100,000 | 34% |
| 100,001 | 335,000 | 39% |
| 335,001 | 10,000,000 | 34% |
| 10.000.001 | 15,000,000 | 35% |
| 15,000,001 | 18,333,333 | 38% |
| 18,333,334 | -------------- | 35% |
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