Marginal and average tax rates Partner A, a single taxpayer, is one of two partners in a small business. As such, she receives pass-through incom that is taxed at her personal tax rates. After all adjustments and deductions have been made, including the 20% qualified business income deduction she is preparing to calculate her taxes owed for the year. Using the tax rate schedule given here perform the following: a. Calculate the tax liability, after-tax eamings, and average tax rates for the following levels of partnership earnings before taxes: $10,700; $82,200; $296,000 $493,000: $1.2 million $1.7 million; and $1.9 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 $10,700; $82,200 $296,000, $493,000, $1,200,000, $1.7 million and $1.9 million The tax liability for earnings before taxes of $10,700 is $(Round to the nearest dollar) n ates-Single Taxpayers-2018 + Range of taxable income $0 to $9,525 9,525 to 38,700 38,700 to 82,500 82,500 to 157,500 157,500 to 200,000 200,000 to 500,000 Over 500,000 Base tax $0 953 4,454 14,090 32,090 45,690 150,690 Tax calculation (Marginal rate x amount over base bracket) + (10% x amount over $0) + (12% x amount over 9,525) + (22% x amount over 38,700) + (24% x amount over 82,500) + (32% x amount over 157,500) + (35% x amount over 200,000) + (37% amount over 500,000) Print Done