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< Question 1 (of 2) value 1 100 points The Anberlin Co. had $261,000 in 2011 taxable income. Use the tax rates from Table 2.3 Calculate the companys 2011 income taxes. Taxes Hints References eBook & Resources Hint#1
ctures.mhhe.com/connect/00780... Table 2.3.JPG 679x237 pixels Table 2.3.JPG 679x237 pixels Taxable Income Tax Rate 050,000 50,001-75,000 75,001-100,000 100,001335,000 335,001-10,000,000 0,000,001-15,000,000 15,000,001-18,333,333 15% 18,333,334+
IW Question 2 (of 2) value: 10.00 points The Anberlin Co. had $309,000 in 2011 taxable income. Use the tax rates from Table 2.3. What is the average tax rate? (Round your answer to 2 decimal places. (e.g, 32.16) Average tax rate What is the marginal tax rate? Marginal tax rate Hints References eBook & Resources Hint#1
25 34 39 34 35 38 35 058 e0111 05 130
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Answer #1

1) 0 to 50,000 ........50,000x.15=7,500
50,001 to 75,000 .........25000x.25=6,250
75001 to 100,000 .........25,000x.34=8,500
100,001 to 335000 .......161000x.39=62790


Taxes = 7500+6250+8500+62790=85040

2)

0 to 50,000 ........50,000x.15=7,500
50,001 to 75,000 .........25000x.25=6,250
75001 to 100,000 .........25,000x.34=8,500
100,001 to 335000 .......209000x.39=81510

Taxes = 7500+6250+8500+81510=103760

Average Tax rate = total tax/ net income

Average tax rate = 103760/309000= 33.58%

Marginal tax rate is the tax rate on the next dollar income

Marginal tax rate = 39.00%

Thanks

Let me know if wrong I will correct.

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