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Marginal and average tax rates Partner A, a single taxpayer, is one of two partners in a small business. As such, she receives pass-through income that is taxed at her personal tax rates. After all adjustments and deductions have been made, including the 20% qualified business income deduction, she is preparing to calculate her taxes owed for the year. Using the tax rate schedule given here 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; 582,300; $295,000; $494,000; $1.2 million; $1.4 million; and $1.9 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; 582,300; $295,000: 5494.000; 51,200,000; $1.4 million; and 51.9 million. The tax liability for earnings before taxes of S11,800 is S 1,226'(Round to the nearest dollar.) The after-tax earnings on $11,800 are $ 10574. (Round to the nearest dollar.) The average tax rate for the $11,800 in pretax earnings is %. (Round to one decimal place.) Tax Rates-Single Taxpayers-2018 + Range of taxable income SO to $9,525 9,525 to 38,700 38,700 to 82,500 82,500 to 157,500 157,500 to 200,000 200,000 to 500,000 Over 500,000 Base tax $0 953 4,454 14,090 32.090 45,690 150,690 + (10% + (12% + (22% + (24% + (32% + (35% + (37% Tax calculation (Marginal rate x amount over base bracket) x amount over $0) x amount over 9,525) x amount over 38,700) x amount over 82,500) x amount over 157.500) X amount over 200,000) x amount over 500,000)