Suppose that in addition to $10.15 million of taxable income, Texas Taco, Incorporated, received $1,800,000 of interest on state-issued bonds and $320,000 of dividends on common stock it owns in Arizona Taco, Incorporated. (Use corporate tax rate of 21 percent for your calculations.) a. Calculate Texas Taco's income tax liability. Note: Enter your answer in dollars not in millions. Income tax liability b. What are Texas Taco's average and marginal tax rates on taxable income? Note: Round your answers to 2 decimal places. Average tax rate Marginal tax rate % %

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