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The Robbins Corporation is an oil wholesaler. The​ firm's sales last year were $1.01 ​million, with...

The Robbins Corporation is an oil wholesaler. The​ firm's sales last year were $1.01 ​million, with the cost of goods sold equal to $620,000. The firm paid interest of $179,000 and its cash operating expenses were $102,000.​ Also, the firm received $40,000 in dividend income from a firm in which the firm owned 22% of the​ shares, while paying only $11,000 in dividends to its stockholders. Depreciation expense was $50,000. Use the corporate tax rates shown in the popup​ window

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 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 $?

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SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

jeff jeffy answered 1 year ago
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