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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Total Income \table[[Lower Bound, Upper Bound, Rate,\ table[[Maximum Money in], [Bracket]], \table[[Maximum Tax in], [Bracket]]], [$0, $12,200,0%, $12, 200, $0 3. Write a function to model the total tax paid, T(x), with a total income of x dollars. Total Income Lower Bound $12,201 $57,201 $212,201 Upper Bound Rate Maximum Money in Maximum Tax in Bracket Bracket $0 $12,200 $57,200 12% 0% $12,200 $45,000 $5,400 $0 $212,200 25% $155,000 $38,750 $512,200 35% $300,000 $105,000 39.6% No Limit No Limit $512,201 No Limit 2. How many slopes would be on this graph?
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7
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