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Determine the average amount of taxable income per tax return, for each of the ranges of taxable income provided, using the information in the below
Determine the average amount of taxable income per tax return, for each of the ranges of taxable income provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Ranges of Adjusted Gross Income Item
Ranges of Adjusted Gross IncomeItemUnder $15,000$15,000 to under $30,000$30,000 to under $50,000$50,000 to under $100,000$100,000 to under $200,000$200,000 or moreNumber of returns39,269,40227,369,90927,138,63734,436,44920,908,8388,559,402Taxable income$ 6,938,229$ 192,881,768$ 604,264,808$ 1,753,557,416$ 2,304,350,171$ 3,864,997,623Total tax liability$ 777,332$ 14,769,011$ 50,115,871$ 186,008,777$ 317,634,367$ 906,217,543Average tax rate*11.20%7.66%8.29%10.61%13.78%23.45%*The average tax rate is total tax liability divided by taxable income.
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