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Data table (Click the icon here in order to copy the contents of the data table below into a spreadsheet.) Using the individual tax rate
Data table (Click the icon here in order to copy the contents of the data table below into a spreadsheet.) Using the individual tax rate schedule , perform the following: a. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $11,400; $75,600; $318,000; $493,000; $1.1 million; $1.6 million; and \$2.2 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. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $11,400; $75,600; $318,000; $493,000; $1.1 million; $1.6 million; and \$2.2 million. (Round dollars to the nearest cent and round percentages to one decimal place.)
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