Calculating Taxes The Alexander Co. had $315,000 in taxable income. Using the rates from Table 2.3 in the chapter, calculate the company's income taxes. What is the average tax rate? What is the marginal tax rate?

TABLE 2.3 Corporate Tax Rates TAXABLE INCOME 0-50,000 50,001-75,000 75,001-100,000 100,001-335,000 335,001-10,000,000 10,000,001-15,000,000 15,000,001-18,333,333 18,333,334-+ TAX RATE 15% 25 39 35 35