Question
Exercise 9-4 (Algorithmic) (LO. 5) Compute the 2022 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access
Exercise 9-4 (Algorithmic) (LO. 5) Compute the 2022 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2022 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 (i.e., .67073 would be rounded to .6707 and entered as 67.07%).
a. Chandler, who files as a single taxpayer, has taxable income of $111,000.
Tax liability: 20,476
Marginal rate: 24.0000 %
Average rate: 18.4500 %
b. Lazare, who files as a head of household, has taxable income of $58,200.
Tax Liability: 6921
Marginal Rate: 22.0000%
Average Rate:
**Could someone help me find the average rate for part B. Because I am getting ((6921/58200)*100) = 11.8917.
I have tried to enter 12.0000%, 11.900%, 11.8917%. Nothing is giving me the correct answer.**
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started