Corporate Tax Liability

To complete the assignments listed below, refer to the Table 2-1.

The Talley Corporation had a taxable income of $335,000 from operations after all operating costs but before: (1) interest charges of $67,000, (2) dividends received of $20,100, (3) dividends paid of $23,450, 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	$
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	%

PABLE 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 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 $0 $7,500 $13,750 $22,250 $113,900 $3,400,000 $5,150,000 $6,416,667 15% 25 34 39 34 35 38 35 15.0% 18.3 22.3 34.0 34.0 34.3 35.0 35.0