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%

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.

Seans Tax Scenario

Sean is a young professional with taxable income of $137,000 as an advertising account executive.

What is Seans total tax liability?

(Note: Round your answer to the nearest cent, if necessary.)

What is Seans top marginal tax rate?

What is Sean's average tax rate?