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Here's the additional Information: Tax Table: Single Tax payer for Taxable income of $30,490 at Least $30,450 but less than $30,500 Your Tax is $3,467.
Here's the additional Information:
Tax Table:
Single Tax payer for Taxable income of $30,490 at Least $30,450 but less than $30,500 Your Tax is $3,467.
Single Tax Payer for Taxable income of $80,938 at least $80,900 but Less than $80,950 The Tax is $13,743
Tax Rate Schedule:
Single Tax Payer If Taxable Income is over $9,525 but not over $38,700 The Tax is $952.50 plus 12% of the excess over $9.525
Single Tax Payer if taxable income is over $38,700 but not over $82,500 The Tax rate is $4,453.50 plus 22% of the excess over $38,700
Problem 1-46 (LO 1-2, 1-4) Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases Use the appropriate Tax Tables and Tax Rate Schedules. a. Single taxpayer, taxable income of $30,490. b. Single taxpayer, taxable income of $80,938. (Use the tax tables to compute tax liability. For all requirements, round "Average tax rate" to 2 decimal places.) Tax liability Marginal tax rate Average tax rateStep by Step Solution
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