Use the following tax table and answer 3 questions.

1) Bait and Tackle has taxable income of $411,562. How much does it owe in taxes?

2) What is Bait and Tackles average tax rate?

3) what would be the marginal tax rate on income over $50,000,000?

Taxable Income Tax Rate

$0 - $ 50,000 15%

$50,000 - 75,000 25

$75,000 - 100,000 34

$100,000 - 335,000 39

$335,000 - 10,000,000 34