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Question 3 Incorrect Mark 0.00 out of 400 F Facestion Determine Marginal Tax Rate and the Tax on Operating Profit Amgen Inc. reported the following in its tax footnote to its 2016 financial statements. Use this information to answer the requirements. The reconciliations between the federal statutory tax rate applied to income before income taxes and our effective tax rate were as follows: 2016 2015 2014 35,04 3.OM S.OM Federal Statutory Foren earrings induding earning invested indefinitely (155) 01.1) (224) Credits Puerto Rico Excise Tax 23 25) 44 Share hand payments 113 0.0 00 Credits primarily federal RSD 10.7) 14 (15 05 sens federal state foreni other, tech Lakate 050 00 02 04 16.1 RO ating profit for each year 2016, 2015 and 2014, b. Compute the amount of tax on net operating profit for 2016. The company teported the following items on its 2016 income statement (5 mrtkors. interest expert $1,201 Interest and other como 637 Provision for income taxes 1463 Round answer to the nearest whole number 10 x milion Determine Marginal Tax Rate and the Tax on Operating Profit Amgen Inc. reported the following in its tax footnote to its 2016 financial statements. Use this information to answer the requirements. The reconciliations between the federal statutory tax rate applied to income before income taxes and our effective tax rate were as follows: 2016 2015 2014 Federal statutory tax rate 35.0% 35.0M 35.0% Foreign earnings including earnings invested indefinitely (15.5) (18.1) (224) Credits Puerto Rico Excise Tax (2.3) (2.5) (4.4) Share based payments (1.3) 0.0 0.0 Credits, primarily federal R&D (0.7) (1.4) (1.5) State taxes 0.5 0.5 1.1 Audit settlements federal state, foreign) 0.0 (0.5) 0.0 Othernet 0.4 0.4 0.2 Effective tax rate 16.14 13.49 8.0% a. Determine the tax rate that we should use to compute tax on operating profit for each year 2016, 2015, and 2014, 2016 2015 2014 2610 BEE a. Determine the tax rate that we should use to compute tax on operating profit for each year 2016, 2015, and 2014. 2016 2015 2014 35.5 35.5% 36.1 96 Tax rate b. Compute the amount of tax on net operating profit for 2016. The company reported the following items on its 2016 income statement (millions), Interest expense, net $1,281 Interest and other income.net 637 Provision for income taxes 1,462 Round answer to the nearest whole number $0 x million Check