Nancy Company Pays Taxes of 15% on Their First $20,000

question 117

Multiple Choice

Nancy Company pays taxes of 15% on their first $20,000 of pretax income and 40% on any taxable income in excess of $20,000.The current pretax income is $50,000.What is the average tax rate?

• A) 15%
• B) 21%
• C) 24%
• D) 30%

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