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Hi, can someone please help me with my assignment: A client has asked to help her understand how her tax is computed. You need to
Hi, can someone please help me with my assignment:
A client has asked to help her understand how her tax is computed. You need to provide the client with the following:
- An example of how to calculate the tax liability using the tax rate table and the tax rate formula for a taxpayer with taxable income of $55,000, filing status married filing jointly.
- An explanation of the marginal tax rate and average tax rates for this tax payer.
Be clear in elaboration so the client, a person with no business or tax background, can understand.
Please provide tax rate table and references. Thank you!
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