Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

answer all and i will upvote 2 ports Swood Required: Determine the average amount of taxable income per tax return for each of the ranges

answer all and i will upvote
image text in transcribed
image text in transcribed
image text in transcribed
2 ports Swood Required: Determine the average amount of taxable income per tax return for each of the ranges of taxable income provided using the Information in the below table Taxable income and Total Tax Liability are in thousands (Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value.) Ranges of Adjusted Gross Income $15.000 to under 530,000 to under 550.000 to under $100,000 to Item Under $15,000 $30,000 550.000 $100,00 5200.000 Number of returns 35,893,070 30,201,595 26,903,065 33.2.30,782 19 Taxable income $22.366.884 5212.900,745 $ 563,621,00 51,586,130,99 5 1.911, Total tax libility $2.715,80 $19.145.950 559,491,733 $ 200,565,017 $21. Average tax rate 12:23 1.99% 10. 12.353 The average tax rate is total tax llobdity divided by taxable income Under 515.000 $15.000 10 under 30.000 550 000 ton 550.000 550.000 to $100.000 100 000 10 Under $200.000 Check my work Inder $15.000 35,893,070 522.366.884 $2.735,988 12.23 Ranges of Adjusted Gross Income $15,000 to under 530.000 to under $50,000 to under $30.000 550.000 $100,000 30, 291,595 26,993,065 33,238,732 $212,900,745 $ 563,628.002 5 1.586,120-799 319,143,95 $ 58,492.73) 5200,563,012 8.99 13.155 $100,000 to under 5200,000 19, 122,453 $ 1.911,223,52 $21.922,100 16. DO 209.200 or 7,274,00 $3,050, 132,0 257,415, 10:38 * liability divided by taxable income 50 12.23% 8.99% *The average tax rate is total tax liability divided by taxable income. ces Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to under $100.000 $100,000 to under $200,000 $200,000 or more

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Bev Vickerstaff, Parminder Johal

1st Edition

1444170414, 978-1444170412

More Books

Students also viewed these Accounting questions

Question

How effective have these groups been in the past?

Answered: 1 week ago

Question

What are their reputations?

Answered: 1 week ago

Question

How serious a response is warranted to this situation?

Answered: 1 week ago