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The tax rates for a particular year are shown below: Taxable Income Tax Rate $0 50,000 15 % 50,001 75,000 25 % 75,001 100,000 34

The tax rates for a particular year are shown below:

Taxable Income

Tax Rate

$0 50,000

15

%

50,001 75,000

25

%

75,001 100,000

34

%

100,001 335,000

39

%

What is the average tax rate for a firm with taxable income of $123,013?

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