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The Robbins Corporation is an oil wholesaler. The firm's sales last year were $1.03 million,...

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Finance

The Robbins Corporation is an oil wholesaler. The firm's sales last year were

$1.03 million, with the cost of goods sold equal to

$640,000. The firm paid interest of

$176,000 and its cash operating expenses were

$104,000. Also, the firm received

$44,000 in dividend income from a firm in which the firm owned

22% of the shares, while paying only

$13,000 in dividends to its stockholders. Depreciation expense was

$51,000.

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?

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