Corporate income tax/ Meyer Inc has taxable income (earnings before taxes) of 300,000. Calcualte Meyer's federal income tax liability using the tax table . What are the firm's average and marginal taxes?
Taxabale Income Marginal Tax Rate
0-$50,000 15%
$50,001-$75,000 25%
$75,001-$100,000 34%
$100,000-$335,000 39%
$335,000-$10,000,000 34%
$10,000,001-$15,000,000 35%
$15,000,001-$18,333,333 38%
Over $18,333,333 35%