Thornton, Inc., had taxable income of $130,022 for the year. The company's marginal tax rate was 34 percent and its average tax rate was 23.5 percent. How much did the company have to pay in taxes for the year?

Thornton, Inc., had taxable income of $130,022 for the year. The company's marginal tax rate was 34 percent and its average tax rate was 23.5 percent. How much did the company have to pay in taxes for the year?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter2: The Domestic And International Financial Marketplace

Section2.A: Taxes

Problem 3P

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Thornton, Inc., had taxable income of $130,022 for the year. The company's marginal tax rate
was 34 percent and its average tax rate was 23.5 percent. How much did the company have to
pay in taxes for the year?

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