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How much does owe in taxes

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Reference no: EM132710345

Use the following tax table to answer this question:

Taxable Income 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%

Problem 1: Bait and Tackle has taxable income of $340,000. How much does it owe in taxes? What is its average tax rate?

Reference no: EM132710345

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