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(Corporate income tax) G. R. Edwin Inc. had sales of $6.05 million during the past year. The cost of goods sold amounted to $2.8 million.

(Corporate income tax) G. R. Edwin Inc. had sales of $6.05 million during the past year. The cost of goods sold amounted to $2.8 million. Operating expenses totaled $2.58 million, and interest expense was $22,000. Use the corporate tax rates shown below, to determine the firm's tax liability. What are the firm's average and marginal tax rates?

Taxable Income

Marginal Tax Rate

$0$50,000

15%

$50,001$75,000

25%

$75,001$100,000

34%

$100,001$335,000

39%

$335,001$10,000,000

34%

$10,000,001$15,000,000

35%

$15,000,001$18,333,333

38%

Over $18,333,333

35%

to calculate the firm's tax liability. What are the firm's average and marginal tax rates?

The firms tax liability for the year is $___(Round to the nearest dollar.)

The firms average tax rate is ___%. (Round to two decimal places.)

The firms marginal tax rate is ___%. (Round to the nearest integer.)

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