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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 $310,000
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 $310,000 from operations after all operating costs but before (1) interest charges of $62,000, (2) dividends received of $15,500, (3) dividends paid of $24,800, 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 $ 82146.20 After-tax income $ 253580.00 What are the company's marginal and average tax rates on taxable income? Round your answers to two decimal places. Marginal tax rate 32.39 % Average tax rate 39 %
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