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Corporate income tax ) The Robbins Corporation is an oil wholesaler. The firm's sales last year were $ 1 . 0 8 million, with the

Corporate income tax) The Robbins Corporation is an oil wholesaler. The firm's sales last year were $1.08 million, with the cost of goods sold equal to $630,000. The firm paid terest of $239,250 and its cash operating expenses were $105,000. Also, the firm received $41,000 in dividend income from a firm in which the firm owned 22% of the shares, while aying only $13,000 in dividends to its stockholders. Depreciation expense was $51,000. Use the corporate tax rates shown in the popup window, , to compute the firm's tax ability. What are the firm's average and marginal tax rates?
Data table
The Robbins Corporation's tax liability for the year is $ (Round to the nearest dollar.)
\table[[Taxable Income,Marginal Tax Rate],[$0-$50,000,15%
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