Average corporate tax rates Using the corporate tax rate schedule given below. Perform the following:

a. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of corporate earnings before taxes: $7,600;$78,000;$300,000;$500,000;$1.5 million;$9.5 million; and $20.3 million.

b. Plot the average tax rates (measured on the y axis) against the pretax income levels (measured on the x axis). What generalization can be made concerning the relationship between these variables?

a. Find the marginal tax rate for the following levels of corporate earnings before taxes:$7,600;$78,000;$300,000;$500,000;$1,500,000;$9.5 million; and $20.3 million.