eBook Calculator Exercise 3-20 (Algorithmic) (LO. 6) 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 (ie. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $122,000. Tax liability: 23,359.50 X Marginal rate: 24 % Average rate: 70.10 X % b. Lazare, who files as a head of household, has taxable income of $63,000 Tax liability: Marginal rate: % Average rate: 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. 331,01 upda.doc o i E E 1 a 11:04 AM 9/10/2020