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G. R. Edwin Inc. had sales of
$5.84
million during the past year. The cost of goods sold amounted to
$2.5
million. Operating expenses totaled
$2.58
million, and interest expense was
$29,000.
Use the corporate tax rates shown in the popup window,
LOADING...
,
to determine the firm's tax liability. What are the firm's average and marginal tax rates?
| 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% |
Answer & Explanation
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