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Sales for J.P Hulett Inc. during the past year amounted to $4.2 million. Gross profits totaled $1.05 million, and operating and depreciation expenses were $492,000

Sales for J.P Hulett Inc. during the past year amounted to $4.2 million. Gross profits totaled $1.05 million, and operating and depreciation expenses were $492,000 and $351,000 respectively. Divident income for the year was $14,000 which was paid by a firm which Hulett owns 85% of the shares. Use the corporate tax rates shown in the popup below to compute the corporation's tax liability. What are the firm's average and marginal tax rates?

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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% The firm's tax liability for the year is $| (Round to the nearest dollar.) The firm's average tax rate is %. (Round to two decimal places.) The firm's marginal tax rate is %. (Round to the nearest integer.)

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