Problem 2-7 Corporate Tax Liability

To complete the assignments listed below, refer to the Table 2-1.

The Talley Corporation had a taxable income of $400,000 from operations after all operating costs but before (1) interest charges of $80,000, (2) dividends received of $24,000, (3) dividends paid of $32,000, and (4) income taxes.

What are the firm's income tax liability and its after-tax income? Round your answers to two decimal places.

Income tax liability	$
After-tax income	$

What are the company's marginal and average tax rates on taxable income? Round your answers to two decimal places.

Marginal tax rate	%
Average tax rate	%