Average and Marginal Taxes Downtown Deals had taxable income of $267,000 last year. Using the following tax schedule, calculate both the firms average and marginal tax rate:

Taxable Income Tax Rate

$0 - $50,000 15%

$50,000 $75,000 25%

$75,000 - $100,000 30%

$100,000 - $335,000 32%

>$335,000 34%