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In 2021, Madden, who is single, has adjusted gross income of $145,200, uses the standard deduction of $12,550, and has $132,650 of taxable income. Compute
In 2021, Madden, who is single, has adjusted gross income of $145,200, uses the standard deduction of $12,550, and has $132,650 of taxable income. Compute the following for Madden.
a. Federal income tax liability using the appropriate Tax Rate Schedule. $_
b. Statutory tax rate(s). _%, _%, _%,_%
c. Marginal tax rate. _%
d.Average tax rate _%
e. Effective tax rate, using adjusted gross income :_%
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