How much tax does the company owe on this income

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Reference no: EM131872494

Use the following tax table to answer this question:

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%

The Holiday Inn earned $235,000 in taxable income for the year.

1) How much tax does the company owe on this income? 2) What is the average tax rate? 3) What is the marginal tax rate?

Reference no: EM131872494

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