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(Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $4.4 million. Gross profits totaled $1.06 million, and operating and
(Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $4.4 million. Gross profits totaled $1.06 million, and operating and depreciation expenses were $501,000 and $341,000, respectively. Dividend income for the year was $10,000, 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.) (Corporate income tax) G. R. Edwin Inc. had sales of $5.82 million during the past year. The cost of goods sold amounted to $2.4 million. Operating expenses totaled \$2.49 million, and interest expense was $21,000. Use the corporate tax rates shown in the popup window, , to determine the firm'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.)
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