Using the tax table provided in Figure 10.3, determine the average and marginal tax rates for a company that earned $110,000 in taxable income.

Marginal Tax Rate Taxable Income Portion Subject to That Rate O-$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 $18,333,333+ 15% 25% 34% 39% 34% 35% 38% 35%