Question
G. R. Edwin Inc. had sales of $5.96 million during the past year. The cost of goods sold amounted to $2.5 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 $2.5 million. Operating expenses totaled $2.48 million, and interest expense was $23,000. Use the corporate tax rates shown to determine the firm's tax liability. What are the firm's average and marginal tax rates?
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 $18,333,333 | 35% |
The firm's tax liability for the year is ?$ (Round to the nearest dollar.)
The firm's average tax rate is. ?%. (Round to two decimal places.)
The firm's marginal tax rate is. ?%. (Round to the nearest integer.)
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