P3-7 (similar to) s Question Help (Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $3.6 million. Gross profits totaled $1.01 million, and operating and depreciation expenses were $499,000 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 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 liability for the year is $ (Round to the nearest dollar.) Data Table 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% Print Done