a) How do you define Marginal tax and Average Tax? How does tax impact the net income of a company? (8 Marks) b) (12 Marks) TAXABLE INCOME IN DOLLARS Single Tax Payers Married Tax Payers Tax rate in % filing Joint Returns 0-24,000 0-40,000 15 24,001 - 58,150 40,101 - 96,900 28 58,151 - 121,300 96,901 - 147,700 31 121,301 - 263,750 147,701 - 263,750 36 Over 263,750 Over 263,750 39.6 What are the average and marginal tax rates for a single tax payer with a taxable income of $70,000? What are the average and marginal tax rates for married tax payers filing joint retums if their joint taxable income is also $70,000