(Corporate income tax) Sales for J.P. Hulett Inc. during the past year amounted to 54.2 million. Gross profits totaled $1.02 million, and operating and depreciation expenses were $500,000 and $358,000, 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 1 (Round to the nearest dollar.) Data Table Taxable income $0 - $50,000 $50,001 - $75,000 $75,001 - $100,000 $100,001 - $335,000 $335,001 - $10,000,000 $10,000,001 - $15,000,000 $15,000,001 - $18,333,333 Over $18,333,333 Marginal Tax Rate 15% 25% 34% 39% 34% 35% 38% 35% Print Done