Exercise 3-24 (Algorithmic) (LO. 6) Compute the 2017 Federal income tax liability and the marginal and effective tax rates in each of the following independent cases. Click here to access the 2017 tax rate schedule. If required, round the tax liability the nearest dollar. When required, round the average rates to three decimal places before converting to a percentage (i.e. .67073 would be rounded to .671 and entered as 67.1%). a. Chandler is single and reports taxable income of $129,800. 28 % Marginal rate: Average rate: b. Lamar, a head of household, records taxable income of $83,400. Tax liability: Marginal rate: Average rate: 20.41 x % 2017 Tax Rate Schedules Single-Schedule X f taxable income Head of household-Schedule Z If taxable of the amount But not amount income is: But not The tax is: The tax is: $0$9,325 37,950 91,900 191,650 416,700 418,400 10% $ 13350 9325 37950 91,900 191 650 416,700 418400 $ 932.50 + 15% 5,226.25 + 25% 18,713.75 + 28% 46,643.7533% 120,910.25 + 35% 9,325 37,950 91,900 191,650 416,700 121,505.2539.6% 418,400 13,350 50,800 131,200 212,500 416,700 444,550 50,800 $ 1,335.00 15% 131,200 212,500 416,700 444,550 117,202.50 + 35% 13,350 50,800 131,200 212,500 416,700 126,950.00+39.6% 444,550 6,952.50 + 25% 27,052.50 + 28% 49,816.5033% Married filing jointly or Qualifying widow(er)- Schedule Y-1 Married filing separately-Schedule Y-2 If taxable income is If taxable amount income is: of the amount of the But not But not The tax is: ..10% $ 9325 37,950 76,550 116675 208,350 235350 10% $ 18,650 75,900 153,100 233,350 416,700 470,700 75,900 153,100 233,350 416,700 470,700 $1,865.00+15% 10,452.50 25% 29,752.50 + 28% 52,222.50 + 33% 112,728.00 3596 131,628.00 + 39.6% 18,650 75,900 153,100 233,350 416,700 470,700 9,325 37,950 76,550 $ 932.50 +15% 5,226.25 25% 14,876.25 28% 26,1 1 1 .25 + 33% 56,364.00 + 35% 9,325 37,950 76,550 116,675 208,350 65,814.0039.6% 235,350 208,350 235,350