corporate tax rates

15% $0-$50,000

25% $50,001-$75,000

34% $75,001-$10,000,000

35% over $10,000,000

additional surtax

5% on income between $100,000 and $335,000

3% on income between $15,000,000 and $18,333,333

(Corporate income tax) The Robbins Corporation is an oil wholesaler. The company's sales last year were $1.06 million, with the cost of goods sold equal to $646,000. The firm paid interest of $225,000, and its cash operating expenses were $126,000. Also, the firm received $36,000 in dividend income while paying only $14,000 in dividends to its preferred stockholders. Depreciation expense was $159,000. Compute the firm's tax liability by using the corporate tax rate structure in the popup window, Based on your answer, does management need to take any additional action? Calculate the gross profits. The gross profits are $ (Round to the nearest dollar.)