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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 $360,000
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 $360,000 from operations after all operating costs but before (1) interest charges of $36,000, (2) dividends received of $21,600, (3) dividends paid of $28,800, 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 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 39 Average tax rate 33.93
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