(Corporate income tax)Last year Sanderson, Inc. had sales of $ 3.2million. The firm's cost of goods sold came to $2.0 million, its operating expenses excluding depreciation of $ 99,000 were $402, 000$, and the firm paid $145,000 in interest on its bank loans. Also, the corporation received $51,000 in dividend income (from a company in which it owned less than 2020 percent of its shares) but paid $24,000 in the form of dividends to its own common stockholders. Use the corporate tax rates shown in the popup window, to calculate the corporation's tax liability.

The firms tax liability for the year is?

What are the firm's average and marginal tax rates?

Taxable income Marginal Tax Rate $0 - $50,000 15% $50,001 - $75,000 25% $75,001 - $100,000 34% $100,001 - $335,000 39% $335,001 - $10,000,000 | 34% $10,000,001 - $15,000,000 35% $15,000,001 - $18,333,333 38% Over $18,333,333 35%