Barrington Enterprises earned 4.0 million in taxable income (earnings before taxes) during its most recent year of operations. Use the corporate tax rates shown to calculate the firm's tax liability for the year. What are the firm's average and marginal tax rates?
Taxable Income Marginal Tax Rate
$0-$50,000 15%
$50,001-$75,000 25%
$75,001-$100,000 34%
$100,001-$335,000 39%
$335,001-$10,000,000 34%
$10,000,001-$15,000,000 35%
$15,000,001-$18,333,333 38%
Over $18,333,333 35%