Compute the 2021 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2021 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 $95,400. Tax liability: 19,328 X Marginal rate: 24 % Average rate: 18.37 X % K b. Lazare, who files as a head of household, has taxable income of $69,000. Tax liability: 9,528 X Marginal rate: 22 % Average rate: 13.81 X % Feedback Check My Work 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. The basic tax rate structure is progressive, with current rates ranging from 10 percent to 37 percent. Morgan (age 45) is single and provides more than 50% of the support of Tammy (a family friend), Jen (a niece, age 18), and Jerold (a nephew, age 18). Both Tammy and Jen live with Morgan, but Jerold (a French citizen) lives in Canada. Morgan earns a salary of $96,000 contributes $6,000 to a traditional IRA, and receives sales proceeds of $15,000 for an RV that cost $60,000 and was used for vacations. She has $8,200 in itemized deductions. Click here to access the standard deduction table to use if required. a. Morgan's taxable income is s 71,350 X b. Using the Tax Rate Schedules (click here), tax liability for Morgan is s c. Compute Morgan's dependent tax credit. 1,000 10,201 X for 2021. Feedback