Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers....
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Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2020 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable incorme of $127,600. Tax liability: 16,304 X Marginal rate: 24 V % Average rate: 17.61 x % b. Lazare, who files as a head of household, has taxable income of $70,200. Tax liability: 9,792 V Marginal rate: 22 Average rate: 13.95 V % Feesback Check My Work The computation of income tax due (or refund) Invoives applying the proper set of tax rates to taxable income and then adjusting for available credits. The basic tax rate structure is progressive, with current rates ranging from 10 percent to 37 percent. Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2020 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable incorme of $127,600. Tax liability: 16,304 X Marginal rate: 24 V % Average rate: 17.61 x % b. Lazare, who files as a head of household, has taxable income of $70,200. Tax liability: 9,792 V Marginal rate: 22 Average rate: 13.95 V % Feesback Check My Work The computation of income tax due (or refund) Invoives applying the proper set of tax rates to taxable income and then adjusting for available credits. The basic tax rate structure is progressive, with current rates ranging from 10 percent to 37 percent.
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a Tax on Income upto 9875 988 987510 Add Tax on Incom... View the full answer
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st edition
Authors: David M. Maloney, William H. Hoffman, Jr. , William A. Raabe, James C. Young
Posted Date:
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