Problem 11.18 a-b The U.S. Corporate Tax Rate Schedule is shown below EXHIBIT 11.6 U.S. Corporate Tax Rate Schedule in 2016 Just like the tax system for individuals, the tax system for corporations in the United States is progres- sive, with marginal tax rates ranging from 15 percent to as high as 39 percent. Taxable Income But Not More Than More Than $50,000 $75,000 $100,000 $335,000 $10,000,000 $15,000,000 $18,333,333 Tax Owed SO $50,000 $75,000 $100,000 S335,000 10,000,000 15,000,000 18,333,333 15% of amount beyond SO $7,500 + 25% of amount beyond $50,000 $13,750 + 34% of amount beyond $75,000 $22,250 + 39% of amount beyond $100,000 $113,900 + 34% of amount beyond $335,000 $3,400,000 + 35% of amount beyond $10,000,000 $5,150,000 38% of amount beyond $15,000,000 35% on all income What was the marginal tax rate of a corporation that had a taxable income of $10.1 milion in 2016? Marginal tax rate what was the average tax rate of a corporation that had a taxable income of $10.1 million in 2016? (Round answer to 1 decimal place, eg, 17.5%.) Average tax rate