**Corporate Tax Rates and Brackets**

Corporate tax rates and brackets determine the amount of tax a corporation owes based on its taxable income. Understanding these rates and brackets is essential for corporations to effectively plan their finances and minimize their tax liabilities. Here's a comprehensive overview of corporate tax rates and brackets:

1. **Flat Rate vs. Graduated Rate:** In some countries, corporate taxes are assessed at a flat rate, meaning all corporations are taxed at the same rate regardless of income. However, in many jurisdictions, including the United States, corporate tax rates are graduated, meaning they increase as taxable income rises.

2. **Taxable Income:** Corporate taxable income is calculated by subtracting allowable deductions from gross income. Deductions may include business expenses, depreciation, and other legitimate costs incurred in the course of business operations.

3. **Corporate Tax Rates:** Corporate tax rates can vary widely depending on the jurisdiction and the level of taxable income. For example, in the United States, as of 2022, the corporate tax rate is 21% for taxable income up to $50,000, 24% for income between $50,001 and $75,000, 28% for income between $75,001 and $100,000, and so on.

4. **Marginal vs. Effective Tax Rate:** Corporations often focus on their marginal tax rate, which is the tax rate applied to the last dollar of taxable income. However, it's essential to consider the effective tax rate, which is the average tax rate paid on all taxable income. Effective tax rates may differ from marginal rates due to deductions, credits, and other factors.

5. **Tax Planning:** Corporations engage in tax planning strategies to minimize their tax liabilities legally. This may involve taking advantage of deductions, credits, tax incentives, and structuring transactions in a tax-efficient manner.

6. **Global Considerations:** Multinational corporations must also consider international tax implications, including transfer pricing, foreign tax credits, and tax treaties between countries. Effective tax planning requires a comprehensive understanding of both domestic and international tax laws.

**Question:**

Fill in the blanks with the appropriate terms:

The ___________ tax rate is the tax rate applied to the last dollar of taxable income, while the ___________ tax rate is the average tax rate paid on all taxable income. Effective tax planning requires considering both rates to minimize tax liabilities.

A) Marginal, graduated B) Effective, flat C) Marginal, effective D) Flat, graduated