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Problem 2-8 Corporate Taxes (LG2-3)

Everybodys Fitness's 2021 income statement is reported below (in millions of dollars) (Use corporate tax rate of 21 percent for your calculations.)

Everybodys Fitness Income Statement for 2021 (in millions of dollars)
Net sales (all credit)	$	1,585
Less: Cost of goods sold		580
Gross profits	$	1,005
Less: Other operating expenses		355
EBITDA	$	650
Less: Depreciation and amortization		192
EBIT	$	458
Less: Interest		215
EBT	$	243
Less: Taxes
Net income	$

Determine the firms 2021 tax liability.

Determine the firms 2021 net income.

Determine the firms 2021 average tax rate. (Round your answer to 2 decimal places.)

Determine the firms 2021 marginal tax rate.