Corporate Tax Liability To complete the assignments listed below, refer to the Table 2-1. The Talley Corporation had a taxable income of $355,000 from operations after all operating costs but before (1) interest charges of $35,500, (2) dividends received of $14,200, (3) dividends paid of $21,300, and (4) income taxes. What are the firm's income tax liability and its after-tax income? Round your answers to two decimal places. Income tax liability $ 111731.60 After-tax income $ What are the company's marginal and average tax rates on taxable income? Round your answers to two decimal places. Marginal tax rate % Average tax rate % Hide Feedback Incorrect TABLE 2-1 Corporate Tax Rates as of January 2012 If a Corporation's Taxable Income Is It Pays This Amount on the Base of the Bracket Plus This Percentage on the Excess Over the Base Average Tax Rate at Top of Bracket $0 15% 15.0% 25 18.3 34 Up to $50,000 $50,000-$75,000 $75,000-$100,000 $100,000-$335,000 $335,000-$10,000,000 $10,000,000-$15,000,000 $15,000,000-$18,333,333 Over $18,333,333 $7,500 $13,750 $22,250 $113,900 $3,400,000 39 22.3 34.0 34.0 34 35 34.3 38 $5,150,000 $6,416,667 35.0 35.0 35 Cangage Learning 2014