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(Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $4.3 million. Gross profits totaled $1.07 million, and operating and
(Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $4.3 million. Gross profits totaled $1.07 million, and operating and depreciation expenses were $498,000 and $342,000, respectively. Dividend income for the year was $13,000, 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.) Data table
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