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What is the average tax rate for a firm

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Based on the corporate tax table below, what is the average tax rate for a firm with $120,000 taxable income? (Input answer in percent format, E.g. 45, without % sign)

Taxable Income          Marginal Tax Rates

$0 - 50,000                              15%

50,001 - 75,000                       25%

75,001 - 100,000                     34%

100,001 - 335,000                   39%

335,001 - 10,000,000              34%

10,000,001 - 15,000,000         35%

15,000,001 - 18,333,333         38%

18,333,334 +                           35%

Reference no: EM131455618

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