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 companys interest expense was $40,000.

Taxable Income	Tax on Base of Bracket	Percentage on Excess above Base (%)
Up to $50,000	0	15
50,000-75,000	7,500	25
75,000-100,000	13,750	34
100,000-335,000	22,250	39
335,10,000,000	113,900	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?

(please explain where you got numbers/any formula's used)

Thank you in advanced :D