Problem $2-6$ Corporate Taxes $($LG$2-3)$

Oakdale Fashions, Incorporated's, income statement is reported below. $($Use corporate tax rate of $21$ percent for your calculations.$)$

Determine the firm's tax liability.

Determine the firm's net income.

Net income

Determine the firm's average tax rate.

Average tax rate

Determine the firm's marginal tax rate.