(Corporate income tax) Last year Sanderson, Inc. had sales of $3.2 million. The firm's cost of goods sold came to S2.1 million its operating expenses excluding depreciation of $101 000 were $405,000 and the firm paid $148 000 in interest on its bank loans. Also, the corporation received $45.000 in dividend income from a company in which it owned less than 20 percent of its shares) but paid $28.000 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) 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%