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(Corporate income tax) Last year Sanderson, Inc. had sales of $3.3 million. The firm's cost of goods sold came to $2.1 million, its operating expenses
(Corporate income tax) Last year Sanderson, Inc. had sales of $3.3 million. The firm's cost of goods sold came to $2.1 million, its operating expenses excluding depreciation of $30,000 were $306.000, and the firm paid $148,000 in interest on its bank loans. Also, the corporation received $55,000 in dividend income (from a company in which it owned less than 20 percent of its shares) but paid $27,000 in the form of dividends to its own common stockholders. Use the corporate tax rates shown in the popup window. . to calculate the corporation's tax liability. What are the firm's average and marginal tax rates? The firm's tax liability for the year is $(Round to the nearest dollar) The firm's average tax rate is The firm's marginal tax rate is % (Round to two decimal places.) % (Round to the nearest integer.) Next
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