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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 -
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% (Click on the icon in order to copy its contents into a spreadsheet.) (Corporate income tax) G. R. Edwin Inc. had sales of $6.01 million during the past year. The cost of goods sold amounted to $2.5 million. Operating expenses totaled $2.44 million, and interest expense was $23,000. Use the corporate tax rates shown in the popup window, to determine the firm's tax liability. What are the firm's average and marginal tax rates? 3 The firm's tax liability for the year is $ (Round to the nearest dollar.)
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