(Corporate income tax) Sales for J.P. Hulett Inc. during the past year amounted to $3.8...
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(Corporate income tax) Sales for J.P. Hulett Inc. during the past year amounted to $3.8 million. Gross profits totaled to $1.07 million, and operating and depreciation expenses were $507,000 and $352,000, respectively. Dividend income for the year was $12,000, which was paid by the firm in which Hulett owns 85 percent of the shares. Use the corporate tax rates shown below to Comcute the corporation's tax liability. What are the firm's average and marginal tax rates? What is the firm's tax liability for the year? **I need help understanding how to get the average and marginal tax rates as well please) THANK YOU!
