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  3. barrington enterprises earned $3.7 million in taxa

Barrington Enterprises earned $3.7 million in taxable income (earnings before taxes) during its most recent...

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Question

Finance

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,

LOADING...

, to calculate the firm's tax liability for the year. What are the firm's average and marginal tax rates?

Question content area bottom

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%

(Click

on the icon

in order to copy its contents into a

spreadsheet.)

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