Corporate Tax Rates as of 2015 (Table 2.3 of textbook) Taxable Income Pay this amount on base income Plus this percentage on anything over the base $0 $50,000 $0 15% $50,001 $75,000 $7,500 25% $75,001 $100,000 $13,750 34% $100,001 $335,000 $22,250 39% $335,001 $10,000,000 $113,900 34% $10,000,001 $15,000,000 $3,400,000 35% $15,000,000 $18,333,333 $5,150,000 38% Over $18,333,333 $6,416,667 35% Best Berries, Inc. had $280,000 in 2015 taxable income. Using the tax schedule from Table 2-3, what is the company's 2015 income taxes? A. $56,450 B. $92,450 C. $92,700 D. $95,200 E. $109,200

Best Berries, Inc. had $280,000 in 2013 taxable income. Using the tax schedule from Table 2-3, what is the company's 2015 average tax rate?

A. 30.0%

B. 33.0% C. 34.0% D. 35.8%

E. 39.0%

Best Berries, Inc. had $280,000 in 2015 taxable income. Using the tax schedule from Table 2-3, what is the company's 2015 marginal tax rate? A. 20.2% B. 30.0% C. 33.0% D. 34.0% E. 39.0%

In 2015, Prime Packaging, Inc. had cash flows from investing activities of $75,000, cash flows from financing activities of $62,000 and cash flow from operations of $185,000. The balance in the firm's cash account was $96,000 at the end of 2015. What was the firm's balance in the cash account at the beginning of 2015?

A. less than $80,000

B. more than $80,000 but less than $89,000

C. more than $89,000 but less than $98,000

D. more than $98,000 but less than $107,000

E. more than $107,000

Sage Shoes, Inc. had 2015 taxable income of $4,450,000 from operations after all operating costs but before interest charges of $750,000, dividends received of $900,000, dividends paid of $500,000, and income taxes. Using the tax schedule in Table 2.3, what is Sage Shoes' income tax liability? What is Sage's average tax rate on taxable income from operations?

A. $1,349,800, 30.3%, respectively

B. $1,349,800, 34.0%, respectively

C. $1,513,000, 34.0%, respectively

D. $1,564,000, 34.0%, respectively

E. $1,564,000, 35.2%, respectively