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. Item Amount Gross salary $67,500 Dividend income $400 Interest income $95 Adjustments to income $780 Itemized deductions $14,250 $14,250 Taxes withheld $7,643 Tax Rate Taxable Income Range 10% $0-$10,000 12% $10,001-$40,000 22% $40,001-$$85,000 Use the information and tables above to answer the following questions. 1. What is Daniel's taxable income? (Hint: Recall taxable income = gross income - adjustments to income standardized or itemized deduction. Here we assume itemized deductions are greater than standard deductions for Daniel. See the slides of Module 8 for a list of items which qualify as gross income.) (5 pts) 2. $52,965 3. $66,720 4. $67,500 5. $67,900 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) 3. 10% 4. 12% 5. 17% 6. 22% 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) 4. $7,279 5. $7,348 6. $7,452 7. $7,563 4. What is Daniel's average tax rate? (Hint: Average tax rate = tax liability found in previous problem / gross income) (5 pts) 5.7% 6.0% 7.4% 8. 9% 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