Corporate taxesTantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2010 the firm earned $92,500 before taxes.a. Calculate the firm’s tax liability using the corporate tax rate schedule given in Table 2.1.b. How much are Tantor Supply’s 2010 after-tax earnings?c. What was the firm’s average tax rate, based on your findings in part a?d. What is the firm’s marginal tax rate, based on your findings in part a?Solution:a. Firm’s tax liability == 13,750+{0.34*(92,500-75,000)}19,700 b. After tax-earnings = Earnings before taxes – Tax liability= 92,500-19,700=72,800 c. Firm’s average rate = Tax…