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The SGS Co. had $285,342 in taxable income. Using the rates from the table below, calculate the company's income taxes. What is the marginal tax rate? Enter your answer as 2 decimals (e.g. 12% will be entered as 0.12). (If the table doesn't display, use Table 2.3 from page 31 in the book)

The SGS Co. had $285,342 in taxable income. Using the rates from the table below, calculate the company's income taxes. What is the marginal tax rate? Enter your answer as 2 decimals (e.g. 12% will be entered as 0.12). (If the table doesn't display, use Table 2.3 from page 31 in the book)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The SGS Co. had $285,342 in taxable income. Using the rates from the table below, calculate the company's income taxes. What is the marginal tax rate? Enter your answer as 2 decimals (e.g. 12% will be entered as 0.12). (If the table doesn't display, use Table 2.3 from page 31 in the book)
Transcribed Image Text:The SGS Co. had $285,342 in taxable income. Using the rates from the table below, calculate the company's income taxes. What is the marginal tax rate? Enter your answer as 2 decimals (e.g. 12% will be entered as 0.12). (If the table doesn't display, use Table 2.3 from page 31 in the book)
$ Taxable Income 0- 50,000 50,001- 75,000 75,001- 100,000 100,001- 335,000 335,001- 10,000,000 10,000,001 15,000,000 15,000,001 18,333,333 18,333,334+ Tax Rate 15% 25 34 39 34 35 38 35
Transcribed Image Text:$ Taxable Income 0- 50,000 50,001- 75,000 75,001- 100,000 100,001- 335,000 335,001- 10,000,000 10,000,001 15,000,000 15,000,001 18,333,333 18,333,334+ Tax Rate 15% 25 34 39 34 35 38 35
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