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?

E F 9 AB table 2.3 Corporate Tax Rates as of 2015 9 10 CA 11 12 13 Plus this Percentage Taxable income (Bottom of Taxable Income Pay this Amount on Anything Over the Bracket) (Top of Bracket) on Base Income Base $ $ 50,000 $ 15% 50,001 $ 75,000 $ 7,500 25% $ 75,001 $ 100,000 $ 13,750 34% $ 100,001 $ 335,000 $ 22,250 39% $ 335,001 $ 10,000,000 $ 113,900 34% $ 10,000,001 $ 15,000,000 $ 3,400,000 35% 15,000,001 $ 18,333,333 $ 5,150,000 38% 18,333,334 $ 6,416,667 35% 14 15 A A A A A A A 16 17 18 19 20 Complete the following analysis. Do not hard code values in your calculations. 21 22 23 24 25 26 27 28 8 9 8 Tax on base income of bracket Tax on income within final bracket Total tax Average tax rate Marginal tax rate