Redneck Farm Equipment owes $48,329 in tax on a taxable income of $549,600.The company has determined that it will owe $56,211 in tax if its taxable income rises to $565,000.What is the marginal tax rate at this level of income?
A) 9.95 percent
B) 30.00 percent
C) 30.67 percent
D) 51.03 percent
E) 51.18 percent
Correct Answer:
Verified
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