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2 . Calculating tax liabilities Calculating Taxable Income Taxable income Rate $ 1 $ 9 , 0 7 5 1 0 . 0 % $
Calculating tax liabilities
Calculating Taxable Income
Taxable income
Rate
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$ $
$ $
$ $
$ $
$ $
Over $
Using the previous tax table, compute the tax liability for each individual in the scenarios presented, rounding the liability to the nearest dollar. In addition, use the dropdown lists to identify the marginal tax rate and average tax rate for both Tracy and Ben.
Tracys Tax Scenario
Tracy is a young professional who lives in downtown Chicago. She has taxable income of $ as an advertising account executive for Taggart Goods Corp.
What is Tracys tax liability?
$
What is Tracys top marginal tax rate?
What is Tracy's average tax rate?
Bens Tax Scenario
Ben is a young professional who lives in downtown Atlanta. He has taxable income of $ as a medical sales rep for Tull Cybermatic Corp.
What is Bens tax liability?
$
What is Bens top marginal tax rate?
What is Ben's average tax rate?
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