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G. R. Edwin Inc. had sales of $5.96 million during the past year. The cost of goods sold amounted to $2.6 million. Operating expenses totaled
G. R. Edwin Inc. had sales of
$5.96
million during the past year. The cost of goods sold amounted to
$2.6
million. Operating expenses totaled
$2.47
million, and interest expense was
$26,000.
Use the corporate tax rates shown in the popup window,
Taxable Income | Marginal Tax Rate |
---|---|
$0$50,000 | 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% |
to determine the firm's tax liability. What are the firm's average and marginal tax rates?
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