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Question 3 (25 points) What is the marginal tax rate? Use the rates from Table 2.3 (Enter your answer as a percent rounded to the nearest whole number, e.g., 32.) 15% 20% 25% 34% 39% Question 4 (25 points) The December 31, 2015, balance sheet of Maria's Tennis Shop, Inc., showed current assets of $1,025 and current liabilities of $875. The December 31, 2016, balance sheet showed current assets of $1,240 and current liabilities of $915. What was the company's 2016 change in net working capital, or NWC? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) $120 $130 $150 $160 Taxable income Tax Rate TABLE 2.3 Corporate tax rates 0- 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 18,333,334+ 15% 25 34 39 34 35 38 35 Question 1 (25 points) The SGS Co. had $243,000 in taxable income. Use the rates from Table 2.3. Calculate the company's income taxes. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) $70,077 $71,080 $78,020 $80,097 $85,067 Question 2 (25 points) The SGS Co. had $155,000 in taxable income. Use the rates from Table 2.3. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) 28.19% 22.84% 18.90% 20.80% 25.40%

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