Question
(Corporate income tax)Barrington Enterprises earned 4.1 million in taxable income (earnings before taxes) during its most recent year of operations. Use the corporate tax rates
(Corporate income tax)Barrington Enterprises earned 4.1 million in taxable income (earnings before taxes) during its most recent year of operations. Use the corporate tax rates shown to calculate the firm's tax liability for the year. What are the firm's average and marginal tax rates?
Taxable Income. $0$50,000 | Marginal Tax Rate 15% |
---|---|
$50,001$75,000 | 25% |
$75,001$100,000 | 34% |
$100,001$335,000 | 39% |
$335,001$10,000,000 | 34% |
$10,000,001$15,000,000 | 35% |
$15,000,001$18,333,333 | 38% |
Over $18,333,333 | 35% |
The firm's tax liability for the year is $? ( Round to the nearest Dollar )
The firm's average tax rate is ?%. (Round to two decimal places.)
The firm's marginal tax rate is. ?%. (Round to the nearest integer.)
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