Refer to the following Table for the Tax Rate Schedule for problems 5-8. Round answers to the nearest whole number (i.e., 10.25% rounds to 10%; 11.9% rounds to 12%; $12,539.50 rounds to $12,540).

Table 1 Tax Rate Schedule

		Tax calculation
Taxable income brackets	Base tax	+ (marginal rate amount over bracket lower limit)
$0 to $9,525	$0	+ 10% amount over $0
$9,525 to $38,700	$953	+ 10% amount over $9,525
$38,700 to $82,500	$4,454	+ 22% amount over $38,700
$82,500 to $157,500	$14,090	+ 24% amount over $82,500
$157,500 to $200,000	$32,090	+ 32% amount over $157,500
$200,000 to $500,000	$45,690	+ 35% amount over $200,000
over $500,000	$150,690	+ 37% amount over $500,000

Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $80,000. (Select all that apply, 3 Points, one for each answer)

Group of answer choices

After-tax earnings: $6,461

After-tax earnings: $66,460

After-tax earnings: $66,461

Tax liabilities: $13,540

Average tax rate: 13%

Average tax rate: 7%

Average tax rate: 17%

Tax liabilities: $13,504

Tax liabilities: $1,240

Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $300,000. (Select all that apply, 3 Points, one for each answer)

Group of answer choices

Average tax rate: 24%

Tax liabilities: $8,690

After-tax earnings: $219,311

Average tax rate: 27%

Average tax rate: 2%

Tax liabilities: $80,960

After-tax earnings: $219.31

After-tax earnings: $129,311

Tax liabilities: $80,690

Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $1,000,000. (Select all that apply, 3 Points, one for each answer)

Group of answer choices

After-tax earnings: $664,243

Average tax rate: 34%

Tax liabilities: $33,690

Tax liabilities: $335.69

After-tax earnings: $664,311

Average tax rate: 21%

Tax liabilities: $335,690

After-tax earnings: $644,311

Average tax rate: 33%

Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $1,500,000. (Select all that apply, 3 Points, one for each answer)

Group of answer choices

Tax liabilities: $520.69

Tax liabilities: $520,690

After-tax earnings: $997,311

Average tax rate: 35%

Tax liabilities: $420,690

After-tax earnings: $979.11

Average tax rate: 29%

After-tax earnings: $979,311

Average tax rate: 37%