1. Calculate the federal income tax liability, marginal tax rate, and average tax rate for each of the following scenarios. Assume the following for all scenarios: all income is traditionally earned, the maximum allowable standard deduction is taken, and no other deductions/credits are applied. Gross Income $40,000 $75,000 $150,000 $500,000 $1,000,000 $10,000,000 Taxable Income Single Income Tax Marginal Rate Average Rate Taxable Income Joint Income Tax 2. REACTION: What do you make of your findings above? What surprised (or did not surprise) you? Marginal Rate Average Rate FI

1. Calculate the federal income tax liability, marginal tax rate, and average tax rate for each of the following scenarios. Assume the following for all scenarios: all income is traditionally earned, the maximum allowable standard deduction is taken, and no other deductionsleredits are applied 2. REACTION: What do you make of your findings above? What surpesed (or did not surprise) youn Chapter 3 Activity - Taxes Individual income Tax Brackels (2022) Standard Deduction Amounts (2022) Long-term Capital Gains \& Qualified Dividends (2021) Additiona/ 3.8\% Net Investment income Tax for MAGl over $200,000/$250,000/$200,000