The tax rates for a particular year are shown below:
Taxable Income | Tax Rate | |
$0 – 50,000 | 15 | % |
50,001 – 75,000 | 25 | % |
75,001 – 100,000 | 34 | % |
100,001 – 335,000 | 39 | % |
What is the average tax rate for a firm with taxable income of
$122,513?
Taxable liability for firm-1,22,513 Total tax-  On first 100000= (50,000*15%)+(25000*25%)+(25000*34%)= (7500+6250+8500)= 22250 On Next 22513= ... See the full answer