Corporate Taxes Swimmy, Inc. had $400,000 in 2010 taxable income. Using the tax schedule from Table 2-3, what is the company's 2010 income taxes, average tax rate, and marginal tax rate, respectively?

A). $22,100, 5.53%, 34%

B). $113,900, 28.48%, 34%

C). $136,000, 34.00%, 34%

D). $136,000, 39.00%, 34%
 

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Table 2.3 Corporate Tax Rates as of 2012 Pay this Amount Plus this Percentage on Base Income Taxable Income on Anything Over the Base $0 $50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 $335,001-$10,000,000 $0 $7,500 15% 25% $13,750 34% $22,250 $113,900 $3,400,000 $5,150,000 39% 34% $10,000,001-$15,000,000 $15,000,001-$18,333,333 35% 38% Over $18,333,333 $6,416,667 35% Table 2.3 Corporate Tax Rates as of 2012 Pay this Amount Plus this Percentage on Base Income Taxable Income on Anything Over the Base $0 $50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 $335,001-$10,000,000 $0 $7,500 15% 25% $13,750 34% $22,250 $113,900 $3,400,000 $5,150,000 39% 34% $10,000,001-$15,000,000 $15,000,001-$18,333,333 35% 38% Over $18,333,333 $6,416,667 35%

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Tax rate upto 335000 income Base tax113900 Taxe... View the full answer