Question 16, P1-8 (book/static)Part 1 of 18>Marginal corporate tax rates Using the corporate tax rate schedule given here i, perform the following:a. Find the marginal tax rate for the following levels of corporate earnings before taxes: $12,000; $40,000; $70,000; $90,000; $300,000; $550,000; $1.3 million; and $22 million.b. Plot the marginal tax rate (measured on the y-axis) against the pretax income levels (measured on the x-axis). Explain the relationship between the marginal tax rate and pretax income levels.a. The marginal tax rate for corporate earnings before taxes of $12,000 is%. (Round to the nearest integer.)More infoCorporate Tax Rate ScheduleTax calculationTaxable income bracketsBase tax(Marginal rate x amount over bracket lower limit)$0)50,000)75,000)100,000)335,000)10,000,000)15,000,000)18,333,333)$0 to$50,000$0x amount over(15%(25%(34%+50,000 to75,0007,500x amount over+75,000 to100,00013,750x amount over(39%(34%(35%(38%(35%100,000 to335,00022,250x amount over335,000 to10,000,000113,900x amount over10,000,000 to15,000,0003,400,000x amount over+15,000,000 to18,333,3335,150,000x amount overOver 18,333,3336,416,667x amount overPrintDone

Marginal tax rate refers to the extra tax paid for every extra dollar gained by an entity.

Answered: to the nearest integer.) More info…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Subject: accounting
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to the nearest integer.) More info Corporate Tax Rate Schedule Taxable income brackets Base tax $o to 50,000 to 75,000 to $50,000 75,000 7. 100,000 13, 100,000 to 335,000 10,000,000 22, 113, 335,000 to 10,000,000 to 15,000,000 3,400, 15.000.000 to 18.333 333 5.150