1. Tax Liability and Average Tax Rate. A corporation has a taxable income of $15,000. What is its tax liability and average tax rate? 2. Tax Liability. A corporation has $120,000 in taxable income....

1. Tax Liability and Average Tax Rate. A corporation has a taxable income of $15,000. What is its tax liability and average tax rate?

2. Tax Liability. A corporation has $120,000 in taxable income. What is its tax liability?

3. Average Tax Rate. In Problem 1.6, what is the average tax rate of the corporation?