Hunt Taxidermy, Inc., is concerned about the taxes paid by the company in 2012. In addition to $42.2 million of taxable income, the firm received $2,990,000 of interest on state-issued bonds and $1,300,000 of dividends on common stock it owns in Oakdale Fashions, Inc. (Use Table 2.3)
Calculate Hunt Taxidermy’s tax liability. (Enter your answer in dollars not in millions. Round your answer to the nearest dollar amount.)
Tax liability $
Calculate Hunt Taxidermy’s average tax rate.
Average tax rate %
Calculate Hunt Taxidermy’s marginal tax rate.
Marginal tax rate %