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G. R. Edwin Inc. had sales of $5.96 million during the past year. The cost of goods sold amounted to $2.5 million. Operating expenses totaled

G. R. Edwin Inc. had sales of $5.96 million during the past year. The cost of goods sold amounted to $2.5 million. Operating expenses totaled $2.48 million, and interest expense was $23,000. Use the corporate tax rates shown 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%

The firm's tax liability for the year is ?$ (Round to the nearest dollar.)

The firm's average tax rate is. ?%. (Round to two decimal places.)

The firm's marginal tax rate is. ?%. (Round to the nearest integer.)

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