P3-7 (similar to) Question Help (Corporate Income tax) Sales for J.P. Hule Inc during the past year amounted to 54.3 million Gross profits totaled $1.05 million, and operating and depreciation expenses were $510,000 and $343,000 respectively. Dividend income for the year was $10,000, which was paid by a firm in which Hulett owns 35 percent of the shares. Use the corporate tax rates shown in the popup window to Comcute the corporation's tax liability. What are the firm's average and marginal tax rates? The firm's tax fiability for the year is (Round to the nearest dollar) Taxable income Marginal Tax Rate $0 - $50,000 15% $50,001 - $75,000 25% $75,001 - $100,000 34% $100,001 - $335,000 39% $335,001 - $10,000,000 34% $10,000,001 - $15,000,000 35% $15,000,001 - $18,333,333 38% Over $18,333,333 35%