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In 2023, Madden, who is single, has an adjusted gross income of $145,600, uses the standard deduction of $13,850, and has $131,750 of taxable income.
In 2023, Madden, who is single, has an adjusted gross income of $145,600, uses the standard deduction of $13,850, and has $131,750 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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