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( Corporate income tax ) Sales for J . P . Hulett Inc. during the past year amounted to $ 4 . 2 million. Gross

(Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $4.2 million. Gross profits totaled $1.09 million, and operating and depreciation expenses were $505,000 and $351,000, respectively. Dividend income for the year was $11,000, which was paid by a firm in which Hulett owns 85 percent of the shares. Use the corporate tax rates shown in the popup window, , to Comcute 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.)
Data table
\table[[Taxable Income,Marginal Tax Rate],[$0-$50,000,15%
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