Oakdale Fashions, Inc., 2021 Income Statement is reported below.

Determine the firm’s 2021 tax liability, net income, average tax rate, and marginal tax rate.

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2021 $565,000 Net sales (all credit) Less: Cost of goods sold Gross profits 215,000 350,000 Less: Other operating expenses 90,000 Earnings before interest, taxes, depreciation, and amortization (EBITDA) 260,000 Less: Depreciation and amortization 15,000 Earnings before interest and taxes (EBIT) Less: Interest Earnings before taxes (EBT) Less: Taxes Net income 245,000 80,000 165,000 $