Phillip's Painting owes $24.780 in tax on a taxable income of $99,870. The company has determined that it will owe $27,060 in tax if its taxable income rises to $105,870. What is the marginal tax rate at this level of income? Please record your answer using the following format (12.54). Record your answer to two decimal places. While the answer should be given as a percentage, do NOT place a "%" directly after the number. Do not type the parentheses: Just type the number! A firm currently has an average tax rate of 20 percent and a marginal tax rate of 25 percent based on current taxable income of $40,000. What will the firm's average tax rate be if it increases its taxable income by an additional $10,000? Please record your answer using the following format (12.54). Record your answer to two decimal places. While the answer should be given as a percentage, do NOT place a "%" directly after the number. Do not type the parentheses: just type the number