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Thornton, Inc., had taxable income of $131,192 for the year. The company's marginal tax rate...

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Question

Finance

Thornton, Inc., had taxable income of $131,192 for the year. The company's marginal tax rate was 34 percent and its average tax rate was 21.6 percent. How much did the company have to pay in taxes for the year?
A.

$44,605

B.

$30,043

C.

$27,098

D.

$28,800

E.

$28,337

Answer & Explanation Solved by verified expert
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