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Daniel has provided the following information to you so you can help him find out how to compute certain items on his US federal income

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Daniel has provided the following information to you so you can help him find out how to compute certain items on his US federal income tax return. His tax filing status is single and a part of the hypothetical tax table for single taxpayers is also shown below. 2. What is Daniel's marginal tax rate? (Hint: The marginal tax rate is the highest tax bracket at which his income is taxed.) (5 pts) a 10% b. 12% c. 17% d. 22% Item Amount Gross salary $67,500 Dividend income $400 3. What is Daniel's tax liability? (Hint: Tax liability = sum of taxes paid at each tax rate according to taxable income in each range.) (5 pts) a. $7,279 b. $7,348 c. $7,452 d. $7,563 Interest income $95 $780 Adjustments to income Itemized deductions $14,250 a. Taxes withheld $7,643 4. What is Daniel's average tax rate? (Hint: Average tax rate = tax liability found in previous problem / gross income) (5 pts) 10.7% b. 11.0% c. 11.4% d. 11.9% Tax Rate Taxable Income Range 10% $0-$10,000 12% $10,001-$40,000 5. What will be Daniel's tax refund or taxes due? (Hint: If taxes withheld > tax liability, then refund = taxes withheld tax liability. If taxes withheld

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