Question 8

(Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $3.8 million. Gross profits totaled $1.07 million, and operating and depreciation expenses were $505,000 and $358,000, respectively. Dividend income for the year was $10,000, 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 $. (Round to the nearest dollar.) Data table