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Question 7 of 13 Check My Work 6-9: The Federal Income Tax System Problem 6-7 Corporate Tax Liability To complete the assignments listed below, refer to the Table 2-1. The Talley Corporation had a taxable income of $350,000 from operations after all operating costs but before: (1) interest charges of $70,000, (2) dividends received of $17,500, (3) dividends paid of $21,000, and (4) income taxes. What are the firm's income tax liability and its after-tax income? Round your answers to two decimal places. 0. 1. 2. Income tax liability $ 13. After-tax income What are the company's marginal and average tax rates on taxable income? Round your answers to two decimal places. Marginal tax rate old Average tax rate Check My Work * - 11:14 PM 10/11/2020 ( deve DA SE insert tro backspace & 8 % 5 9 7 6 3 TABLE 2-1 Corporate Tax Rates as of January 2012 If a Corporation's Taxable Income Is It Pays This Amount on the Base of the Bracket PS Rercentage on the Exces Over the Base Average Tax Rate at Top of Bracket $0 15% 15.0% $7,500 18.3 25 34 22.3 $13,750 $22,250 34.0 Up to $50,000 $50,000-$75,000 $75,000-$100,000 $100,000-$335,000 $335,000-$10,000,000 $10,000,000-$15,000,000 $15,000,000-$18,333,333 Over $18,333,333 39 34 34.0 $113,900 $3,400,000 35 38 34.3 35.0 35.0 $5,150,000 $6,416,667 35 Dengage earning 2014 ei Question 7 of 13 Check My Work 6-9: The Federal Income Tax System Problem 6-7 Corporate Tax Liability To complete the assignments listed below, refer to the Table 2-1. The Talley Corporation had a taxable income of $350,000 from operations after all operating costs but before: (1) interest charges of $70,000, (2) dividends received of $17,500, (3) dividends paid of $21,000, and (4) income taxes. What are the firm's income tax liability and its after-tax income? Round your answers to two decimal places. 0. 1. 2. Income tax liability $ 13. After-tax income What are the company's marginal and average tax rates on taxable income? Round your answers to two decimal places. Marginal tax rate old Average tax rate Check My Work * - 11:14 PM 10/11/2020 ( deve DA SE insert tro backspace & 8 % 5 9 7 6 3 TABLE 2-1 Corporate Tax Rates as of January 2012 If a Corporation's Taxable Income Is It Pays This Amount on the Base of the Bracket PS Rercentage on the Exces Over the Base Average Tax Rate at Top of Bracket $0 15% 15.0% $7,500 18.3 25 34 22.3 $13,750 $22,250 34.0 Up to $50,000 $50,000-$75,000 $75,000-$100,000 $100,000-$335,000 $335,000-$10,000,000 $10,000,000-$15,000,000 $15,000,000-$18,333,333 Over $18,333,333 39 34 34.0 $113,900 $3,400,000 35 38 34.3 35.0 35.0 $5,150,000 $6,416,667 35 Dengage earning 2014 ei