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Part $1$

$($Corporate income$$ tax$)$ G$.$ R$.$ Edwin Inc. had sales of $ $5\mathrm{.}94$ million during the past year. The cost of goods sold amounted to $ $2\mathrm{.}4$ million. Operating expenses totaled $ $2\mathrm{.}47$million$,$ and interest expense was $ $25,000.$ Use the corporate tax rates shown to determine the$$ firm's tax liability. Taxable Income

$$Marginal Tax Rate

$$$$0-$$$50,000$

$15\%$

$$$$50,001-$$$75,000$

$25\%$

$$$$75,001-$$$100,000$

$34\%$

$$$$100,001-$$$335,000$

$39\%$

$$$$335,001-$$$10,000,000$

$34\%$

$$$$10,000,001-$$$15,000,000$

$35\%$

$$$$15,000,001-$$$18,333,333$

$38\%$

$$Over $$18,333,333$

$35\%$

$($Click on the icon in order to copy its contents into a spreadsheet.$)$ What are the$$ firm's average and marginal tax$$ rates?

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Part $1$

The$$ firm's tax liability for the year is $$$

$$

enter your response here. $($Round to the nearest$$ dollar.$)$