(Corporate income tax) 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 $590,000. The firm paid interest of $211,250 andits cash operating expenses were $104,000. Also, the firm received $45,000 in dividend income from a firm in which the firm owned 22% of the shares, while paying only $11,000 in dividends to itsstockholders. Depreciation expense was $48,000. 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 $(Round to the nearest dollar.)Data tableTaxable IncomeMarginal Tax Rate$0-$50,00015%$50,001 - $75,00025%$75,001-$100,00034%$100,001 - $335,00039%$335,001-$10,000,00034%$10,000,001 - $15,000,00035%$15,000,001-$18,333,333 38%Over $18,333,33335%(Click on the icon in order to copy its contents into a spreadsheet.)

1] Net taxable income refers to the income that remains after deducting allowable expenses,…

Answered: Corporate income tax)

Business

Accounting

Corporate income tax)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter2: The Domestic And International Financial Marketplace

Section2.A: Taxes

Problem 2P

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