A corporation's taxable income is $87,000. 1. Calculate the corporation's tax liability, assuming a flat tax rate of 21% 2. Calculate the corporation's tax liability using the following progressive rate table. 3. What are the average and marginal tax rates under the progressive tax system? Taxable Income Tax Rate $ 0-50,000 50,001-75,000 75,001-100,000 100,001-335,000 15% 25 34 39