The Dakota Corporation had a 2015 taxable income of $33,500,000 from operations after all operating costs but before (1) interest charges of $8,600,000; (2) dividends received of $760,000; (3) dividends paid of $5,300,000; and (4) income taxes.

a. Use the tax schedule in Table 2.3 to calculate Dakota’s income tax liability. (Round your answer to the nearest dollar amount.) Income tax liability $

b. What are Dakota’s average and marginal tax rates on taxable income? (Round your answers to the nearest whole percent.)

Average tax rate %

Marginal tax rate %