(Corporate income tax) The Robbins Corporation is an oil wholesaler. The firm's sales last year were $1.02 million, with the cost of goods sold equal to $590,000. The firm paid interest of $223,750 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 $52,000. 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? The Robbins Corporation's tax liability for the year is $ The firm's average tax rate is%. (Round to two decimal places.) The firm's marginal tax rate is%. (Round to the nearest integer.) (Round to the nearest dollar.) Data table Taxable Income $0-$50,000 $50,001-$75,000 Marginal Tax Rate 15% 25% 34% $75,001 - $100,000 $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% (Click on the icon in order to copy its contents into a spreadsheet.) Print Done X
