$($Corporate income tax$)$ Sales for J$.$ P$.$ Hulett Inc. during the past year amounted to $$4\mathrm{.}2$ million. Gross profits totaled $$1\mathrm{.}05$ million, and operating and depreciation

expenses were $$496,000$ and $$340,000,$ respectively. Dividend income for the year was $$14,000,$ 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 $$,($Round to the nearest dollar.$)$

The firm's average tax rate is $\%.($Round to two decimal places.$)$

The firm's marginal tax rate is $\%.($Round to the nearest integer.$)$

TAX RATES

Taxable Income

$$Marginal Tax Rate

$$$$0$minus$$$$50,000$

$15\%$

$$$$50,001$minus$$$$75,000$

$25\%$

$$$$75,001$minus$$$$100,000$

$34\%$

$$$$100,001$minus$$$$335,000$

$39\%$

$$$$335,001$minus$$$$10,000,000$

$34\%$

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

$35\%$

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

$38\%$

$$Over$$ $$18,333,333$

$35\%$