Data table(Click the icon herein order to copy the contents of the data table below into a spreadsheet.)TABLE 1.2: Federal Income Tax Rates and Brackets for Individual Returns (2018)Tax Rates10.0%12.0%22.0%24.0%32.0%35.0%37.0%Taxable Income$0 to $9,875$9,876 to $40,125$40,126 to $85,525$85,526 to $163,300$163,301 to $207,350$207,351 to $518,400Over $518,401PrintTaxes10% of taxable income$987.50, plus 12% of the amount over $9,875$4,617.50, plus 22% of the amount over $40,125$14,605.50, plus 24% of the amount over $85,525$33,271.50, plus 32% of the amount over $163,300$47,367.50, plus 35% of the amount over $207,350$156,235.50, plus 37% of the amount over $518,400Done- Xac 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 earningsbefore taxes: $13,100; $77,200; $324,000; $499,000; $1.2 million; $1.6 million; and $2.3 million.b. Plot the average tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis). Whatgeneralization can be made concerning the relationship between these variables?ACCER

Earnings before Tax:$13,000$77,200$324,000$499,000$1,200,000$1,600,000$2,300,000Tax rates have been…

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: $13,100; $77,200; $324,000; $499,000; $1.2 million; $1.6 million; and $2.3 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?

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: $13,100; $77,200; $324,000; $499,000; $1.2 million; $1.6 million; and $2.3 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?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 32BEB

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Need help to learn how to calculate the tax liability, after-tax earnings, and average tax rates for the following levels of corporate earnings before taxes: $7,700; $81,100; $304,000; $499,000;$1.9 million; $9.8 million; and $19.8 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? Attached is the chart
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