Question 1. (6 points) Corporate Tax Rate Schedule 2 of 2 Tax Calculation Base Tax + (Marginal Tax *amount over base bracket) Range of Taxable Income (s) 0 to 50,000 0 50,000 to 75.000 7,500 75,000 13.750 + to 22,250 to 100,000 335,000 10,000,000 15,000,000 to 18,333,333 100,000 335,000 10,000,000 15,000,000 over 18,333,333 + (15%. amount over 0) + (25% amount over 50,000) (34%. amount over 75,000) + (39% amount over 100,000) + (34% amount over 335,000) + (35%* amount over 10,000,000) + (38%. amount over 15,000,000) (35% amount over 18,333,333) to to 113,900 3,400,000 5,150,000 6,416,667 Required: Calculate total tax due, average tax rate, and after-tax earnings for following levels of corporate earnings before taxes: a. $80,000 b. $280,000; c. $1,600,000 Question 2 (5 points): Calculation of EPS and retained earnings Philagem, Inc., ended 2019 with a net profit before taxes of $1,700,000. The company is subject to a 40% tax rate and must pay $152,000 in preferred stock dividends before distributing any earnings on the 155,000 shares of common stock currently outstanding. a. Calculate Philagem's 2019 earnings per share (EPS). b. If the firm paid common stock dividends of $3.80 per share, how many dollars would go to retained carnings