Homework: Chapter 3 Homework Save Score: 0 of 1 pt 4 of6 (5 complete) HW Score: 66.67%, 4 of 6 pts P3-7 (similar to) Question Help * (Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $4.3 million. Gross profits totaled $1.06 million, and operating and depreciation expenses were $501,000 and $348,000, respectively. Dividend income for the year was $14,000, which was paid by a firm in which Hulett owns 85 percent of the hares. Use the corporate tax rates shown in the popup window, ,to Comcute the corporation's taxability. What are the firm's average and marginal tax rates? The firm's tax liability for the year is S Round to the nearest dollar.) Data Table Taxable Income SO $50,000 $50,001- S75,000 S75,001 - $100,000 $100,001 $335,000 $335,001 $10.000,000 $10,000,001-$15,000,000 | 35% $15.000.001-$18.333.333 | 38% Over $18,333,333 Marginal Tax Rate 15% 25% 34% 39% 34% 35% Print Done Enter your answer in the answer box and then click Check Answer. parts remaining Clear Al Check