As of 2015, farms were taxed at 11 percent for income up to $46,000; at 23 percent for income ranging from $46,000 to $76,000; at 32 percent for taxable income $76,000 to $94,000; at 34 percent for income from $94,000 to $112,000, and so on.

Suppose that you have revenues of $141,800 and operating expense of $47,300.

(i) What is the amount of the taxable income?

a.	$141,800		b.	$94,500
c.	$64,260		d.	$189,100

e. None of the answers are correct

(ii) How much tax is paid on the first $46,000of the taxable income?

a. $5,060 b. $6,900

c. $5,760 d. $4,670

e. None of the answers are correct.

(iii) How much tax is paid on the first $76,000 of the taxable income?

a. $6,900 b. $17,480

c. $11,960 d. $8,360

e. None of the answers are correct

(iv) How much tax is paid on the total taxable income?

a.$94,500 b. $17,890

c. $141,800 d. $170

e. None of the answers are correct

(v) What is the average tax rate?

a.	18.93%		b.	9.46%
c.	12.50%		d.	27.84%

e. None of the answers are correct

(vi) What is the marginal tax rate?

a. 11% b. 23%

c. 32% d. 34%

e. None of the answers are correct