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Oakdale fashions Inc had $245,000 in 2018 taxable income what were the income taxes what was...

Oakdale fashions Inc had $245,000 in 2018 taxable income what were the income taxes what was the average tax rate what is the marginal tax rate

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Answer #1

The below is the tax rates:

income tax=22250+((335000-245000)*39%)=57350

average tax rate is nothing but the income tax /taxable income=57350/245000=23.41%

marginal tax rate is nothing but the tax slab which the company will be in if one more dollar earned and here it is 39%

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