• Calculate the tax liability for LMN Corporation using the following data:

  Taxable Income ($)	Tax Rate (%)
  $50,000	20
  $75,000	25
  $100,000	30

  Requirements:

  • Determine the tax liability for each level of taxable income.
  • Present the calculation in a detailed table format.
  • Discuss the implications of taxation on corporate profitability.