Question 4 1 pts The SGS Co. had $274,215 in taxable income. Using the rates from the table below, calculate the company's income taxes. What is the average tax rate? Enter your answer with 4 decimals (e.g. 0.12345). Of the table doesn't display, use Table 2.3 from page 32 in the book) Marginal Tax Rates Algernon, Inc., has a taxable income of $85,000. What is its tax bill? What is its average tax rate? Its marginal tax rate? From Toble 2.3, the tax rate applied to the first $50,000 is 15 percent; the rate applied to the next $25,000 is 25 percent; and the rate applied after that up to $100,000 is 34 percent. So, Alger- non must pay 15 x $50,000+.25 x 25,000+.34 x (85,000 - 75,000) X $17,150. The average tax rate is thus $17,150/85,000 = 20.18%. The marginal rate is 34 percent since Algernon's taxes would rise by 34 cents if it had another dollar in taxable income