Given correct answer general accounting Pacific Shipping Co. has a marginal tax rate of 30 percent and an averagetax rate of 18 percent. If the company earns $125,000 in taxable income,how much will it owe in taxes?a. $22,500b. $37,500c. $37,800d. $22,140e. $37,500

Step 1: Define Taxes OwedTaxes owed by a company are calculated using the average tax rate when…

Answered: Pacific Shipping Co. has a marginal tax…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter2: The Domestic And International Financial Marketplace

Section2.A: Taxes

Problem 3P

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Pacific Shipping Co. has a marginal tax rate of 30 percent and an average tax rate of 18 percent. If the company earns $125,000 in taxable income, how much will it owe in taxes? a. $22,500 b. $37,500 c. $37,800 d. $22,140 e. $37,500