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please show work (Corporate income tax) G. R. Edwin Inc. had sales of 56.14 million during the past year. The cost of goods sold amounted
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(Corporate income tax) G. R. Edwin Inc. had sales of 56.14 million during the past year. The cost of goods sold amounted to $2.7 million. Operating expenses totaled 52 46 milion, and interest expan was $21,000 Use the corporate tax rates shown in the popup window to determine the firm's tax labiety. What are the firm's average and marginal tax rates? Round to the nearest dollar) (Round to two decimal places) (Round to the nearest integer) The firm's tax liability for the year is 5 The firm's average tax rate i The firm's marginal tax rate is Next lion during the past year. The cost of goods sold amounted to $2.7 million. Operating Data table 4 Taxable Income $0-$50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 Marginal Tax Rate 15% 25% 34% 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% (Click on the icon in order to copy its contents into a spreadsheet.) Step by Step Solution
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