Use the following Year 3 data to prepare the annual income statement for Kvass,Inc.
Definitions:
Average Tax Rate
The fraction of total income that is paid as taxes, calculated by dividing the total amount of taxes paid by the taxpayer's total income.
Marginal Tax Rate
The rate at which the last dollar of a person's income is taxed, indicating how much tax will be paid on an additional dollar of income.
Income Before Taxes
The gross income a person or corporation earns before taxes are deducted.
Marginal Tax Rate
The rate at which an additional dollar of income is taxed, serving as a useful measure of the impact of taxes on incentives to earn more.
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