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(2 points x 3 = 6 points total) Suppose that Ashley Grace had $75,200 taxable income in 2018, Compute her (i) tax liability (i.e. amount
(2 points x 3 = 6 points total) Suppose that Ashley Grace had $75,200 taxable income in 2018, Compute her (i) tax liability (i.e. amount that she needs pay to the IRS), (ii) marginal tax rate, and (ii) average tax rate based on the following tax schedule: 7. Percentage on Taxable Income Up to $9,525 $9,526-$38,700 $38,701-$82,500 $82,501-$157,500 $157,501-$200,000 $200,001-$500,000 Over $500,000 10% 12% 22% 24% 32% 35% 37%
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