Hallick, Incorporated has a fiscal year ending June 30 . Taxable income was $7,000,000 for its year ended June 30,2018 , and it projects similar taxable income for its 2022 fiscal year. Use 2017 tax rate schedule if needed. Required: a. Compute Hallick's regular tax liability for its June 30,2018 , tax year. b. Compute Hallick's projected regular tax liability for its June 30,2022 , tax year. \begin{tabular}{|l|l|} \hline If taxable income is & The tax is \\ \hline Not over $50,000 & 15% of taxable income \\ \hline Over $50,000 but not over $75,000 & $7,500+25% of the excess over $50,000 \\ \hline Over $75,000 but not over $100,000 & $13,750+34% of the excess over $75,000 \\ \hline Over $100,000 but not over $335,000 & $22,250+39% of the excess over $100,000 \\ \hline Over $335,000 but not over $10,000,000 & $113,900+34% of the excess over $335,000 \\ \hline Over $10,000,000 but not over $15,000,000 & $3,400,000+35% of the excess over $10,000,000 \\ \hline Over $15,000,000 but not over $18,333,333 & $5,150,000+38% of the excess over $15,000,000 \\ \hline Over $18,333,333 & $6,416,667+35% of the excess over $18,333,333 \\ \hline \end{tabular}