Fast please. Use the marginal tax rate chart to answer the question.Marginal Tax Rate ChartTax Bracket$0-$10,275$10,276-$41,175 12%$41,176-$89,075 22%$89,076-$170,050 24%$170,051-$215,950 32%> $539,901$215,951-$539,900 35%O 17.00%Marginal Tax RateO 17.61%10%Determine the effective tax rate for a taxable income of $95,600. Round the final answer to the nearest hundredth.O 22.70%O24.00%37%

Effective Tax Rate = Total Tax / Taxable Income

Answered: Use the marginal tax rate chart to…

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter4: Profitability Analysis

Section: Chapter Questions

Problem 23PC

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Marginal tax rates Using the tax rate schedule given here, perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $14,700; $59,500; $89,600; $156,000; $247,000; $456,600; and $1 million. b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).
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