Menomonie Casino Company earned $23,458,933 before interest and taxes for the fiscal year ending March 31, 2017. If the casino had interest expenses of $1,645,123, calculate its tax obligation usingExhibit 3.6.What are the marginal and the average tax rates for this company?

Transcribed Image Text:

(1) (3) Marginal Tax Rate: Tax Rate on the Excess Over the Base 15% (4) (2) Pay This Amount on Corporations' Taxable Income $0-550,000 50,001-75,000 Average Tax Rate at Top of Bracket 15.0% the Base of the Bracket 7,500 13,750 22,250 113,900 3,400,000 25 18.3 22.3 34 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 More than 18,333,333 34.0 39 34.0 34 34.3 35 35.0 38 5,150,000 6,416,667 35.0 35