my answer is not correct please find the correct one Chapter 2 Homework Question

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my answer is not correct please find the correct one

Chapter 2 Homework Question 6 (of 12) 6. value: 10.00 points The Dyrdek Co. had $303,000 in 2014 taxable income. Use the tax rates from Table 2.3. What is the average tax rate? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Average tax rate 32.73 % What is the marginal tax rate? (Enter your answer as a percent rounded to the nearest whole number, e-g, 32.) Marginal tax rate 39% References

Explanation / Answer

the following is the calculation of taxes on Dyrdek Co.

the taxable amount of $303,000 lies in the bracket of $100,001 to $335,000.

that means tax to be paid=> $22,250 + 39% * ($303,000 - $100,000)

=>$22,250 + $79,170

=>$101,420.

average tax rate = tax to be paid / taxable income *100

=>$101,420 /$303,000 *100

=>33.47%.

marginal tax rate = 39%.....(since the extra dollar earned will be taxed at 39%).

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