As of 2015, ranches were taxed at 13 percent for income up to $42,000; at 20 percent for income ranging from $42,000 to $71,000; at 26 percent for taxable income $71,000 to $98,000; at 42 percent for income from $98,000 to $112,000, and so on. Suppose that you have revenues of $172,800 and operating expense of $69,500. (i) What is the amount of the taxable income? a. $242,300 b. $76,442 c. $103,300 d. $172,800 e. None of the answers are correct Enter Response Here: (ii) How much tax is paid on the first $42,000 of the taxable income? a. $5,460 b. $2,226 c. $5,800 d. $7,020 e. None of the answers are correct. Enter Response Here: (iii) How much tax is paid on the first $71,000 of the taxable income? a. $5,800 b. $14,200 c. $11,260 d. $9,230 e. None of the answers are correct Enter Response Here: (iv) How much tax is paid on the total taxable income? a.$127,800 b. $20,506 c. $69,500 d. $2,226 e. None of the answers are correct Enter Response Here: (v) What is the average tax rate? a. 26.83% b. 8.46% c. 10.58% d. 19.85% e. None of the answers are correct Enter Response Here: (vi) What is the marginal tax rate? a. $13% b. 20% c. 26% d. 42% e. None of the answers are correct Enter Response Here: The answers will not be none of the above