Meyer Inc. has taxable income $($earnings before taxes$)$ of

$$296,000.$

Calculate Meyer's federal income tax liability using the tax table shown in the popup window:

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$.$

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$

$35\%$