Griffey Communications recently realized $125,000 in operating income. The company had interest income of $25,000 and realized $70,000 in dividend income. The company's interest expense was $40,000. 25 25 Tax on Base Percentage on Taxable Income of Bracket Excess above Base Up to $50,000 $0 15% $50,000-$75,000 7,500 $75,000-$100,000 13,750 34 34 $100,000-$335,000 22,250 39 39 $335,000-$10,000,000 113,900 TE 34 $10,000,000-$15,000,000 3,400,000 35 $15,000,000-$18,333,333 5,150,000 38 Over $18,333,333 6,416,667 35 Using the corporate tax schedule above, what is Griffey's tax liability?