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Sales for J. P. Hulett Inc. during the past year amounted to $3.9 million. Gross profits totaled $1.01 million, and operating and depreciation expenses were

Sales for J. P. Hulett Inc. during the past year amounted to

$3.9

million. Gross profits totaled

$1.01

million, and operating and depreciation expenses were

$503,000

and

$343,000,

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,

LOADING...

,

to Comcute the corporation's tax liability. What are the firm's average and marginal tax rates?

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