Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Compute the 2015 tax liability and the marginal and average tax rates for the following taxpayers. Please explain how you got the answer! Thank you

Compute the 2015 tax liability and the marginal and average tax rates for the following taxpayers. Please explain how you got the answer! Thank you

Click here to access the 2015 tax rate schedule. If required, round the tax liability the nearest dollar. When required, round the average rates to three decimal places before converting to a percentage (i.e. .67073 would be rounded to .671 and entered as 67.1%).

a. Chandler, who files single, has taxable income of $169,000.

Tax liability: $
Marginal rate: %
Average rate: %

b. Lazare, who files as head of household, has taxable income of $59,400.

Tax liability: $
Marginal rate: %
Average rate: %

image text in transcribed

2015 Tax Rate Schedules Single-schedule X Head of household-Schedule Z If taxable of the If taxable of the amount income is: But not But not amount ncome is: The tax is Over Over The tax is over Over Over Over 9,225 13,150 10% 10% 50.200 1,315.00 15% 9225 37,450 922.50 15% 9,225 13,150 13,150 129,600 6,872.50 25% 5,156.25 25% 37,450 90,750 37,450 50,200 50,200 18,481.25 28% 129,600 90,750 189,300 90,750 129,600 209850 26,722.50 28% 46,075.25 33% 209,850 209,850 189300 411,500 189,300 411,500 49,192.50 33% 115,737.00 35% 411,500 413,200 119,401.25 35% 411,500 411,500 439,000 411,500 413 200 119,996.25 39.6% 413,200 439,000 125,362.00 39.6% 439,000 Married filing jointly or Qualifying widow(er)- Married filing separately-Schedule Y-2 Schedule Y-1 If taxable of the If taxable of the amount income is: But not But not amount ncome is: The tax is Over Over The tax is over Over Over Over o 18,450 9225 10% 10% 74,900 1,845.00 15% 37A50 922.50 15% 18,450 18,450 9,225 9,225 10,312.50 25% 5,156.25 25% 74,900 151,200 74,900 37,450 75600 37,450 14,693.75 28% 29,387.50 28% 151,200 151200 230,450 75,600 115,225 75,600 25,788.75 33% 230,450 51,577.50 33% 230,450 411,500 115,225 205,750 115,225 464,850 111,324.00 35% 205,750 411,500 411,500 205,750 232A25 55,662.00 35% 129,996.50 39.6% 464,850 464,850 232,425 64,998.25 39.6% 232,425

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

Step: 3

blur-text-image

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

Process Safety Management Risk Management Planning Auditing Handbook A Checklist Approach

Authors: David Einolf, Luverna Menghini

1st Edition

086587686X, 978-0865876866

More Books

Students also viewed these Accounting questions