A sole proprietorship firm has taxable income of $120,600. Assume this is the sole source of income for the owner. Tax Rate 10% 12 Taxable Income $ 0 - 9,525 9,526 - 38,700 38,701 82,500 82,501 157,500 157,500 - 200,000 22 2nd 24 32 First: 9525 x 101 = 952.5 (38700 9526) 3500.8 Renuing = 3500.88.-9. - 2548.38 a) What is average income tax rate