10. Use the table below to calculate (a) tax liability, (b) after-tax earnings, and (c) average tax rate for the following income levels for a partnership. Assume no other income: $80,000, $300,000, $500,000, $1,500,000.

Tax calculation Taxable income brackets Base tax $ 0 to $ 9,525 $ 0 $ 953 9,525 to 38,700 38,700 to 82,500 82,500 to 157,500 157,500 to 200,000 + (Marginal rate x amount over + bracket lower limit) (10% x amount over $0) (12% x amount over $ 9,525) (22% x amount over $ 38,700) (24% * amount over $ 82,500) (32% x amount over $157,500) (35% x amount over $200,000) (37% x amount over $500,000) $ 4,454 $ 14,090 $ 32,090 $ 45,690 $150,690 + 200,000 to 500,000 Over 500,000