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table 2.3 Corporate Tax Rates as of 2012 Pay this Amount on Base Income Plus this Percentage on Anything Over the Base 15% Taxable income
table 2.3 Corporate Tax Rates as of 2012 Pay this Amount on Base Income Plus this Percentage on Anything Over the Base 15% Taxable income $0-$50,000 $50,001 - $75,000 $75,001 - $100,000 $100,001 - $335,000 $335,001 - $10,000,000 $10,000,001 - $15,000,000 $15,000,001 - $18,333,333 Over $18,333,333 0 7.500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Problem 2-5 Corporate Taxes (LG3) Oakdale Fashions, Inc., had $245,000 in 2012 taxable income. Using the tax schedule in Table 2.3. calculate the company's 2012 income taxes. Income taxes $ What is the average tax rate? (Round your answer to 2 decimal places.) Average tax rate What is the marginal tax rate? Marginal tax rate D %
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