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Oakdale Fashions, Inc., had $315,000 in 2015 taxable income. Use the tax schedule in Table 2.3 to calculate the company's 2015 income taxes. What is
Oakdale Fashions, Inc., had $315,000 in 2015 taxable income. Use the tax schedule in Table 2.3 to calculate the company's 2015 income taxes. What is the average tax rate? (Round your answer to 2 decimal places.) What is the marginal tax rate? Taxable income 315,000 table 2.3 Corporate Tax Rates as of 2015 Taxable Income (Bottom of Taxable Income Pay this Amount Bracket) (Top of Bracket) on Base Income $ 50,000 $ 50,001 $ 75,000 $ 7,500 75,001 $ 100,000 $ 13,750 100,001 $ 335,000 $ 22,250 335,001 $ 10,000,000 $ 113,900 10,000,001 $ 15,000,000 $ 3,400,000 15,000,001 $ 18,333,333 $ 5,150,000 18,333,334 $ 6,416,667 Plus this Percentage on Anything Over the Base 15% 25% 34% 39% 34% 35% 38% 35% $ Complete the following analysis. Do not hard code values in your calculations. Tax on base income of bracket Tax on income within final bracket Total tax Average tax rate Marginal tax rate
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