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Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2020 tax rate schedule.
Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2020 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $94,800. Tax liability: $ 24,368 X Marginal rate: 24 % Average rate: 19.31 X % b. Lazare, who files as a head of household, has taxable income of $57,050. Tax liability: 11,376 x Marginal rate: 22 % Average rate: 14.70 X % Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. a. $ 3,910 Ellie is 15 and claimed as a dependent by her parents. She has $575 in dividends income and $2,880 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody $ is 69. Their taxable retirement income is $16,070. C. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $480, and her interest income is $245. 100 $ d. Frazier, age 44, is married but is filing a separate return. His wife itemizes her deductions
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