$($Corporate income tax$)$ The Robbins Corporation is an oil wholesaler. The firm's sales last year were $$1\mathrm{.}03$ million, with the cost of goods sold equal to $$630,000.$

The firm paid interest of $$191,500$ and its cash operating expenses were $$101,000.$ Also, the firm received $$42,000$ in dividend income from a firm in which the firm

owned $22\%$ of the shares, while paying only $$12,000$ in dividends to its stockholders. Depreciation expense was $$48,000.$ Use the corporate tax rates shown in the

popup window, $,$ to compute the firm's tax liability. What are the firm's average and marginal tax rates?

The Robbins Corporation'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$

$35\%$