G. R. Edwin Inc. had sales of

$5.84

million during the past year. The cost of goods sold amounted to

$2.5

million. Operating expenses totaled

$2.58

million, and interest expense was

$29,000.

Use the corporate tax rates shown in the popup window,

LOADING...

,

to determine the firm's tax liability. 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%