Red's Tractors owes $52,311 in taxes on a taxable income of $608,606.The company has determined that it will owe $56,211 in tax if its taxable income rises to $620,424.What is the marginal tax rate at this level of income?
A) 39 percent
B) 38 percent
C) 35 percent
D) 34 percent
E) 33 percent
Correct Answer:
Verified
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