UT 02 For questions #19-20, refer to the following financial information: 103 104 Assume that a corporation's pretax net income is taxable (Federal + State) based on 21% of the first $300,000, 26% of the 105 next $400,000, and 31% of anything beyond that. 106 107 108 YOU MUST SHOW ALL CALCULATIONS TO EARN CREDIT (insert rows where needed): 109 110 19. If the corporation generated $1,050,000 of taxable net income, what is the corporation's average tax rate? 111 112 20. If the corporation generated $800,000 of taxable net income, what is the corporation's marginal tax rate? 113