Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Check my work Determine the average amount of taxable income per tax return, for each of the ranges of taxable income provided, using the information
Check my work 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 dollars rounded to the nearest dollar value.) Ranges of Adjusted Gross Income $200,000 or $15,000 to $30.000 to $50,000 to under $30,000 under $50,000 under $100,000 $100,000 to under $200,000 more Under Iter $15.690 Number of returns 35,666,965 Taxable income $21,752,358 Total tax liability $ 2,116,556 Average tax rate 9.73% 30,153,49 26,654,960 32,982,677 $212,341,219 $563,046,481 $1,584,639, 273 $ 18,584,540 $ 57,917,323 $ 206,887,66 8.75% 10.29% 13.06% 18,764,353 6,916,793 $1,908,447,666 $3,946,250,513 $ 319,146,770 $ 852,990,175 16.72% 28.00% 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 1 Next >
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started