Answer:
29.69%
Explanation:
Franklin corporation just paid taxes of $152,000
The taxable income is $512,000
Therefore, the average tax rate can be calculated as follows.
= Amount of taxes paid/amount of taxable income
= $152,000/$512,000
= 0.2969×100
= 29.69%
Hence the average tax rate for Franklin's corporation is 29.69%
