.2 2) Assume the following tax schedule for Tax Year 2021. Tax Rate Taxable Income $ 0-50,000 $ 50,001-75,000 $ 75,001-100,000 15% 25% 34% $100,001-335,000 39% In 2021, Tux Shipping earned $152,000 before taxes. In other words, Taxable Income was $152,000. What is the firm's tax liability? Answer: 3. Med Corp has sales of $550,000, cost of goods sold of $125,000, depreciation expense of $10,000, and an interest expense of $20,000, What is the net income for the firm? The tax schedule is below: Tax Rate Taxable Income $ 0-50,000 15% $ 50,001-75,000 25% 34% $ 75,001-100,000 $100,001-335,000 39%