Business, 17.04.2021 18:40 reagancunningham2004

Marginal and average tax rates: Use the tax rate taken from Exhibit 11.6 to calculate the average tax rate for Lansing, Inc., this year. Lansing's pretax income was $275,000. (Round final answer to nearest whole percent.)

Exhibit 11.6 U. S. Corporate Tax Rate Schedule in 2007
Taxable Income
More Than But Not More Than

Tax Owed
$0 $50,000

15% of amount beyond $0
$50,000
$75,000
$7,500 +
25% of amount beyond $50,000
$75,000
$100,000
$13,750 +
34% of amount beyond $75,000
$100,000
$335,000 $22,250 +
39% of amount beyond $100,000
$335,000
$10,000,000
$113,900 +
34% of amount beyond $335,000
$10,000,000
$15,000,000
$3,400,000 +
35% of amount beyond $10,000,000
$15,000,000
$18,333,333
$5,150,000 +
38% of amount beyond $15,000,000
$18,333,333

35% on all income

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Marginal and average tax rates: Use the tax rate taken from Exhibit 11.6 to calculate the average ta...

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