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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 of
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: $10,400; $76,800;$310,000;$498,000;$1.3 million; $1.7 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: $10,400; $76,800;$310,000;$498,000;$1.3 million; $1.7 million; and $2.2 million. (Round dollars to the nearest cent and round percentages to one decimal place.)
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