P3-9 (similar to) Question Help O (Corporate income tax) Meyer Inc. has taxable income (earnings before taxes) of $294,000. Calculate Meyer's federal income tax liability using the tax table shown in the popup window: What are the firm's average and marginal tax rates? The firm's tax liability 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%