Sales for J. P. Hulett Inc. during the past year amounted to $4.1 million. Gross profits totaled $1.03 million, and operating and depreciation expenses were $508,000 and $342,000, respectively. Dividend income for the year was $14,000, 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,

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, to Comcute the corporation's tax liability. 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.)