Two companies, ABC and XYZ, have the following values on their annual tax returns: (a)Calculate the exact federal income taxes for the year. (b)Determine the percentage of sales revenue each company...

Two companies, ABC and XYZ, have the following values on their annual tax returns:

(a)Calculate the exact federal income taxes for the year.

(b)Determine the percentage of sales revenue each company will pay in federal income taxes.

(c)Estimate the taxes using an effective rate on the entire TI of the marginal percentages in Table 17–1, that is, 34% for ABC and 39% for XYZ. Determine the percentage errors made relative to the exact taxes in (a).