$$ The Robbins Corporation is an oil wholesaler. The firm's sales last year were $$1\mathrm{.}05$ million, with the cost of goods sold equal to $$610,000.$ The firm paid interest of $$229,750$ and its cash operating expenses were $$102,000.$ Also, the firm received $$43,000$ in dividend income from a firm in which the firm owned $22\%$ of the shares, while paying only $$10,000$ in dividends to its stockholders. Depreciation expense was $$49,000.$ Use the corporate tax rates shown in the popup window, $,$ to compute the firm's tax liability. What are the firm's average and marginal tax rates?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$

$35\%$

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