(Corporate income tax) Sales for J. P. Hulett Inc during the past year amounted to...
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(Corporate income tax) Sales for J. P. Hulett Inc during the past year amounted to $3.7 million. Gross profits totaled $1.08 million, and operating and depreciation expenses were $503,000 and $345,000, respectively. Dividend income for the year was $12,000, 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, B. to Comcute the corporation's tax liability. What are the firm's average and marginal tax rates? The firm's tax liability for the year is $ (Round to the nearest dollar.) The firm's average tax rate is 1% (Round to two decimal places.) The firm's marginal tax rate is 1%. (Round to the nearest integer.) 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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