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Barrington Enterprises earned
$3.7
million in taxable income (earnings before taxes) during its most recent year of operations. Use the corporate tax rates shown in the popup window,
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, to calculate the firm's tax liability for the year. What are the firm's average and marginal tax rates?
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Part 1
The firm's tax liability for the year is
$enter your response here.
(Round to the nearest dollar.)
Part 2
The firm's average tax rate is
enter your response here%.
(Round to two decimal places.)
Part 3
The firm's marginal tax rate is
enter your response here%.
(Round to the nearest integer.)
| Taxable Income | Marginal Tax Rate |
| $0$50,000 | 15% |
| $50,001$75,000 | 25% |
| $75,001$100,000 | 34% |
| $100,001$335,000 | 39% |
| $335,001$10,000,000 | 34% |
| $10,000,001$15,000,000 | 35% |
| $15,000,001$18,333,333 | 38% |
| Over $18,333,333 | 35% |
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