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Compute the 2016 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2016 tax rate schedule.
Compute the 2016 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2016 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 as a single taxpayer, has taxable income of $125, 600. b. Lazare, who files as a head of household, has taxable income of $61, 800. The computation of income tax due (or refund) involves applying the proper set of tax rates to taxable income and then adjusting for available credits. In certain cases, however, the application of the kiddie tax will cause a modification of the means by which the tax is determined
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