(Corporate income tax) The Robbins Corporation is an oil wholesaler. The firm's sales last year were...

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(Corporate income tax) The Robbins Corporation is an oil wholesaler. The firm's sales last year were $1.08 million, with the cost of goods sold equal to $630,000. The firm paid interest of $241,250 and its cash operating expenses were $101,000. Also, the firm received $45,000 in dividend income from a firm in which the firm owned 22% of the shares, while paying only $14,000 in dividends to its stockholders. Depreciation expense was $49,000. 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? ' Data table The Robbins Corporation's tax liability for the year is $ The firm's average tax rate is (Round to the nearest dollar.) %. (Round to two decimal places.) The firm's marginal tax rate is %. (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% (Click on the icon in order to copy its contents into a spreadsheet.) - (Corporate income tax) The Robbins Corporation is an oil wholesaler. The firm's sales last year were $1.08 million, with the cost of goods sold equal to $630,000. The firm paid interest of $241,250 and its cash operating expenses were $101,000. Also, the firm received $45,000 in dividend income from a firm in which the firm owned 22% of the shares, while paying only $14,000 in dividends to its stockholders. Depreciation expense was $49,000. 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? ' Data table The Robbins Corporation's tax liability for the year is $ The firm's average tax rate is (Round to the nearest dollar.) %. (Round to two decimal places.) The firm's marginal tax rate is %. (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% (Click on the icon in order to copy its contents into a spreadsheet.) -