Question 5 of 10 This question: 4 point(s) possible (Corporate income tax) Sales for 2. P. Hulett Inc. during the past year amounted to $3.7 million. Gross profits totaled $1.03 million, and operating and depreciation expenses were $509,000 and $343.000, respectively Dividend income for the year was $12,000, which was paid by a firm in which Hulett owns 85 percent of the shares. Use the corporate tax rates shown in the popup window to Comcute the corporation's tax liability. What are the firm's average and marginal tax rates? The firm's tax liability for the year is $ The firm's average tax rate is The firm's marginal tax rate is (Round to the nearest dollar) (Round to two decimal places.) (Round to the nearest integer) (Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $3.7 million. Gross profits totaled $1.03 million, and operating and depreciation expenses were $509,000 and $343,000, respectively Dividend income for the year was $12,000, which was paid by a firm in which Hulett owns 85 percent of the shares. Use the corporate tax rates shown in the popup window. . to Comcute t corporation's tax Bability What The firm's tax liability for the ye The firm's average tax rate is he firm's marginal tax rate in Data table Taxable income Marginal Tax Rate $0-$50,000 15% $50,001-$75,000 2546 $75,001-$100,000 34% $100,001-$335,000 3914 $335,001-$10,000,000 34% $10,000,001-$15,000,000 35% $15,000,001-$18,333,333 3896 Over $18,333,333 3516 (Click on the icon in order to copy its contents into a spreadsheet) Print Done - X