Use the Following Information for Jett Co -Jett Co'S Average Tax Rates for 2015 and 2014 Are:
A)15

question 16

Multiple Choice

Use the following information for Jett Co.to answer questions . $\begin{array}{lrr}&2015&2014\\\text { Sales } & 1,200 & 1,000 \\\text { COGS } & 850 & 700 \\\text { Operating expenses } & 200 & 200 \\\text { Income taxes } & 30 & 35\end{array}$
-Jett Co.'s average tax rates for 2015 and 2014 are:

• A)15.5% and 10.0%
• B)20.0% and 35.0%
• C)25.8% and 35.4%.
• D)31.4% and 36.8%.

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Definitions:

Gross Pay

The total earnings of an employee for a payroll period.

Discounted Note

A type of debt instrument that is sold for less than its face value and pays its face value at maturity, reflecting the discount as interest.

Face Value

The nominal or dollar value printed on a financial instrument, such as a bond or stock certificate, representing its value at issuance.

Take-Home Pay

Take-home pay is the amount of wages that an employee actually receives after all deductions, such as taxes and social security contributions, have been subtracted.