FILL THE BLANK. (Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $ 3.8million. Gross profits totaled$ 1.07million, and operating and depreciation expenses were $499,000 and $345,000
respectively. Dividend income for the year was $14,000 which was paid by a firm in which Hulett owns
85percent of the shares. Use the corporate tax rates shown in the popup window,
to Comcute the corporation's tax liability. What are thefirm's average and marginal tax rates?
The firm's tax liability for the year is _________. (Round to the nearest dollar.)
