P2-1 Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2013, the firm earned $92,500 before taxes. a. Calculate the firm's tax liability using the corporate tax rate schedule given in Table 2.1. b. How much are Tantor Supply's 2013 after-tax earnings? c. What was the firm's average tax rate, based on your findings in part a? d. What was the firm's marginal tax rate, based on your findings in part a? TABLE 2.1 Corporate Tax Rate Schedule + Range of taxable income Base tax 0 to 0 + + + S 50,000 $ 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 50,000 to 75,000 to 100,000 to 335,000 to 10,000,000 to 15,000,000 to Over 18,333,333 + Tax calculation (Marginal tate x amount over base bracket) (15% amount over $ 0) (25 X amount over 50,000) (34 amount over 75,000) (39 amount over 100,000) (34 amount over 335,000) (35 X amount over 10,000,000) (38 amount over 15,000,000) amount over 18,333,333) 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 + + + + (35