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Following is a partial 2012 corporate income tax schedule: Taxable Income Beginning Ending Bracket Marginal Amount Amount Amount Tax Rate $1 $50,000 $50,000 0.15 $50,000
Following is a partial 2012 corporate income tax schedule:
Taxable Income
Beginning Ending Bracket Marginal
Amount Amount Amount Tax Rate
$1 $50,000 $50,000 0.15
$50,000 $75,000 $25,000 0.25
$75,000 $100,000 $25,000 0.34
For a corporation with taxable income of $90,000, calculate:
Total tax = ??
Average tax rate = ??
Marginal tax rate = ??
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