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Following is a partial corporate income tax schedule for the current year: Taxable Income Beginning Ending Bracket Marginal Amount Amount Amount Tax Rate $1 $50,000
Following is a partial corporate income tax schedule for the current year:
Taxable Income
Beginning Ending Bracket Marginal
Amount Amount Amount Tax Rate
$1 $50,000 $50,000 0.15
$50,001 $75,000 $25,000 0.25
$75,001 $100,000 $25,000 0.34
The average tax rate for a corporation with taxable income of $85,000 would be:
a.17.2%
b.18.3%
c.20.2%
d.22.9%
e.34.0%
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