Effective tax rates and nonordinary items. The following schedule was developed for Monroe Corporation to support interim reporting for the year 2014.   The following additional 2014 information is...

Effective tax rates and nonordinary items. The following schedule was developed for Monroe Corporation to support interim reporting for the year 2014.

The following additional 2014 information is available:

1. The statutory tax rate is as follows:

15% on the first $50,000 of taxable income

20% on the next $50,000 of taxable income

25% on the next $50,000 of taxable income

30% on all additional taxable income