Problem
ABC Block's taxable income was $85,000 in the year just completed. The state where ABC was incorporated taxes corporate profits at a rate of 8% on the first $50,000 and 10% on any remaining income above $50,000. Calculate the state and federal taxes owed by ABC. Also, calculate the effective marginal tax rate on ABC's income.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.