Question content area top Part 1 (Corporate income tax)Sales for J. P. Hulett Inc. during the past year amounted to 3.8 million. Gross profits totaled 1.09 million, and operating and depreciation expenses were 503000and 341000 , respectively. Dividend income for the year was 12000 , 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, LOADING..., to Comcute the corporation's tax liability. What are the firm's average and marginal tax rates?

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%