Question
Use the following information to answer the question. Taxable income Tax rates $0 ~ $50,000 10% $50,001 ~ $75,000 20% $75,001 ~ $335,000 30% $335,001
Use the following information to answer the question.
Taxable income Tax rates
$0 ~ $50,000 10%
$50,001 ~ $75,000 20%
$75,001 ~ $335,000 30%
$335,001 ~ 40%
If BamaCom Inc. reports taxable income of $70,000, then the ________________________.
a. marginal tax rate is 20.0%
b. average tax rate is 25.0%
c. average tax rate is 30.0%
d. marginal tax rate is 40.0%
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Money Banking And Financial Markets
Authors: Lloyd B. Thomas
1st International Edition
0070644365, 9780070644366
