Oakdale Fashions, Inc. had $315,000 in 2018 taxable income. Using the tax schedule in Table 2.3 to
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Oakdale Fashions, Inc. had $315,000 in 2018 taxable income.
Using the tax schedule in Table 2.3 to calculate the company’s 2018 income taxes.
What is the average tax rate?
What is the marginal tax rate?
Transcribed Image Text:
table 2.3 Corporate Tax Rates as of 2018 Taxable Income Pay this Amount Plus this Percentage on Base Income on Anything Over the Base $0-$50,000 $ 15% $50,001-$75,000 7,500 25 $75,001-$100,000 13,750 34 $100,001-$335,000 22,250 39 $335,001-$10,000,000 113,900 34 $10,000,001-$15,000,000 3,400,000 35 $15,000,001-$18,333,333 5,150,000 38 Over $18,333,333 6,416,667 35 table 2.3 Corporate Tax Rates as of 2018 Taxable Income Pay this Amount Plus this Percentage on Base Income on Anything Over the Base $0-$50,000 $ 15% $50,001-$75,000 7,500 25 $75,001-$100,000 13,750 34 $100,001-$335,000 22,250 39 $335,001-$10,000,000 113,900 34 $10,000,001-$15,000,000 3,400,000 35 $15,000,001-$18,333,333 5,150,000 38 Over $18,333,333 6,416,667 35
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Compute income tax liability of Oakdale Fashion Inc as follows ... View the full answer
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