Using the information provided below, please calculate the Marginal Tax Rate. Net Operating Profits 72,000 Interest Expense

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Question:

Using the information provided below, please calculate the Marginal Tax Rate.

Net Operating Profits

72,000

Interest Expense

2,700

Earnings Before Tax

Tax Expense

7,341

Net Income

Adjusted Gross Income

124,400

Standard Deduction

19,400

Taxable Income

Tax Liability

7,341

Taxes Paid & Credits

6,500