Average corporate tax rates Ordinary income in $2017$ was taxed subject to the rates shown in the accompanying table. Using the data in the table, perform the following:

a$.$ Calculate a firms tax liability, after$-$tax earnings, and average tax rate for the following levels of corporate earnings before taxes: $$20,000$; $$70,000$; $$300,000$; $$700,000$; $$1\mathrm{.}2$ million; $$16$ million; and $$22$ million.

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To calculate a firms tax liability aftertax earnings and average tax rate for different levels of corporate earnings before taxes we can use the provi... View the full answer