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Item 1 2.5 points

Problem 2-8 Corporate Taxes (LG2-3)

Everybodys Fitness's 2021 income statement is reported below (in millions of dollars) (Use corporate tax rate of 21 percent for your calculations.)

Everybodys Fitness Income Statement for 2021 (in millions of dollars)
Net sales (all credit)	$	1,485
Less: Cost of goods sold		560
Gross profits	$	925
Less: Other operating expenses		335
EBITDA	$	590
Less: Depreciation and amortization		172
EBIT	$	418
Less: Interest		195
EBT	$	223
Less: Taxes
Net income	$

Determine the firms 2021 tax liability.

Determine the firms 2021 net income.

Determine the firms 2021 average tax rate. (Round your answer to 2 decimal places.)

Determine the firms 2021 marginal tax rate.