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Using the individual tax rate schedule , perform the following: a. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels
Using the individual tax rate schedule , perform the following: a. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $11,800; $77,800;$296,000; $498,000; $1.2 million; \$1.6 million; and \$2.2 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: $11,800; $77,800; $296,000; $498,000; $1.2 million; \$1.6 million; and $2.2 million. (Round dollars to the nearest cent and round percentages to one decimal place.) Data table
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