Last year Sanderson, Inc. had sales of $3.7 million. The firm's cost of goods sold came to $2.5 million, its operating expenses excluding depreciation of $96,000 were $399,000, and the firm paid $153,000 in interest on its bank loans. Also, the corporation received $51,000 in dividend income (from a company in which it owned less than 20 percent of its shares) but paid $24,000 in the form of dividends to its own common stockholders. Use the corporate tax rates shown in the popup window, LOADING... , to calculate the corporation's tax liability. What are the firm's average and marginal tax rates?

What is the firms tax liability for the year?