Based on the following table of the tax rates, what is the total tax for a firm with taxable income of $120,000? Taxable income ($) Tax Rate 0 - 9,525 10% 9,525 - 38,700 12% 38,700 - 82,500 22% 82,500 - 157,500 24% 157,500 - 200,000 32% 200,000 - 500,000 35% 500,000+ 37% O 39 percent O 34 percent O 25 percent 19 percent Based on the following table of the tax rates, what is the marginal tax rate for a firm with taxable income of $500,000? Taxable income ($) Tax Rate 0 - 9,525 10% 9,525 - 38,700 12% 38,700 - 82,500 22% 82,500 - 157,500 24% 157,500 - 200,000 32% 200,000 - 500,000 35% 500,000 + 37% O 37 percent O 22 percent O 24 percent O 35 percent Suppose a corporation earns $2 million in taxable income. What is the firm's total tax liability knowing it has a flat 21% tax rate? And what will be its marginal tax rate? O $420,000; 21% O $42,000; 21% O $420,000; 25%