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2. Calculating tax liabilities Calculating Taxable Income Taxable income Rate 10.0% 15.0% 25.0% $1 - $9,075 $9,076 - $36,900 $36,901 - $89,350 $89,351 - $186,350

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2. Calculating tax liabilities Calculating Taxable Income Taxable income Rate 10.0% 15.0% 25.0% $1 - $9,075 $9,076 - $36,900 $36,901 - $89,350 $89,351 - $186,350 $186,351 - $405,100 $405,101 - $406,750 Over $406,751 28.0% 33.0% 35.0% 39.6% 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 Lisa and Andy. Lisa's Tax Scenario Lisa is a young professional who lives in downtown Denver. She has taxable income of $90,735 as an advertising account executive for Pirtucon Co. What is Lisa's tax liability? $ What is Lisa's top marginal tax rate? What is Lisa's average tax rate? Andy's Tax Scenario Andy is a young professional who lives in downtown New York City. He has taxable income of $62,000 as a medical sales rep for Globo- Chem Co. What is Andy's tax liability? $ What is Andy's top marginal tax rate? What is Andy's average tax rate

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