I:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and deductions for the tax year

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I:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and deductions for the tax year 2022:

INCOME: Salary $100,000 Business Income 25,000 Interest income from taxable bonds 10,000 Interest income from tax-exempt bonds 5,000 TOTAL INCOME $1 40,000 DEDUCTIONS: Business expenses $ 9,500 Itemized deductions 20,000 TOTAL DEDUCTIONS $ 29,500

a. Compute Latesha’s taxable income and federal tax liability for 2022 (round to dollars and ignore the qualified business income deduction and self-employment taxes for this problem).

b. Compute Latesha’s marginal, average, and effective tax rates.

c. For tax planning purposes, which of the three rates in Part b is the most important?

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