G. R. Edwin Inc. had sales of $6.05 million during the past year. The cost of goods sold amounted to $2.8 million. Operating expenses totaled $2.58 million, and interest expense was $22,000. Use the corporate tax rates shown below​, to determine the​ firm's tax liability. What are the​ firm's average and marginal tax​ rates?
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​ $18,333,333
​ 35%
to calculate the​ firm's tax liability. What are the​ firm's average and marginal tax​ rates?
The​ firms tax liability for the year is ​$___​(Round to the nearest​ dollar.)
The​ firms average tax rate is ___​%. ​(Round to two decimal​ places.)
The​ firms marginal tax rate is ___​%. ​(Round to the nearest​ integer.)