Use the following tax table and answer 3 questions. 1) Bait and Tackle has taxable...
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Accounting
Use the following tax table and answer 3 questions.
1) Bait and Tackle has taxable income of $411,562. How much does it owe in taxes?
2) What is Bait and Tackles average tax rate?
3) what would be the marginal tax rate on income over $50,000,000?
Taxable Income Tax Rate
$0 - $ 50,000 15%
$50,000 - 75,000 25
$75,000 - 100,000 34
$100,000 - 335,000 39
$335,000 - 10,000,000 34
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