2. Calculating tax liabilities. Calculating Taxable Income Taxable income Rate $0-$9,525 10.0% $9,526-$38,700 12.0% $38,701 $82,500 22.0% $82,501-$157,500 24.0% $157,501-$200,000 32.0% $200,001-$500,000 35.0% $500,001 or more 37% STEP: 2 of 2 Using the previous tax table, compute the tax liability for the individual in the scenario 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 the individual in the scenario. $38,701 $82,500 22.0% $82,501-$157,500 24.0% $157,501-$200,000 $200,001-$500,000 $500,001 or more 32.0% 35.0% 37% Using the previous tax table, compute the tax liability for the individual in the scenario 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 the individual in the scenario. Cho's Tax Scenario Cho is a professional with taxable income of $80,700. What is Cho's total tax liability? What is Cho's top marginal tax rate? What is Cho's average tax rate? (Note: Round your answer to the nearest cent, if necessary.)