(Corporate income tax) Meyer Inc. has taxable income (earnings before taxes) of $295,000. Calculate Meyer's federal income tax liability using the tax table shown in the popup window:

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%