(Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $3.7 million. Gross profits totaled $1.04 million, and operating and depreciation expenses were $494,000 and $352,000, 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.) \begin{tabular}{|c|c|} \hline Taxable Income & Marginal Tax Rate \\ \hline$0$50,000 & 15% \\ \hline$50,001$75,000 & 25% \\ \hline$75,001$100,000 & 34% \\ \hline$100,001$335,000 & 39% \\ \hline$335,001$10,000,000 & 34% \\ \hline$10,000,001$15,000,000 & 35% \\ \hline$15,000,001$18,333,333 & 38% \\ \hline Over $18,333,333 & 35% \\ \hline \end{tabular}