Marginal and average tax rates Using the tax rate schedule given here i, perform the following: a. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $14.500; $80,400: $303.000: $496,000; $1.1 million: $1.6 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? Corporate Tax Rate Schedule $0) 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 + + + + + + + + (10% (12% (22% (24% (32% (35% (37% Tax calculation (Marginal rate x amount over base bracket) X amount over x amount over 9,525) X amount over 38,700) X amount over 82,500) X amount over 157,500) x amount over 200,000) x amount over 500,000)