Question

Thornton, Inc., had taxable income of $130,412 for the year. The company's marginal tax rate was 34 percent and its average tax rate was 23.3 percent. How much did the company have to pay in taxes for the year

Answer 1

$30,386

Step-by-step explanation:

Calculation for How much did the company have to pay in taxes for the year

Using this formula

Taxes payable= Taxable income×Average tax rate

Let plug in the formula

Taxes payable= $130,412×23.3%

Taxes payable= $30,386

Therefore the amount that the company have to pay in taxes for the year is $30,386