Sales for J. P. Hulett Inc. during the past year amounted to $4.3 million. Gross profits totaled $1.02 million, and operating and depreciation expenses were $507,000 and $346,000 , 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, The firm's tax liability for the year is

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%