Individual Income Tax Brackets (2020) Head of Marginale Single, taxable Joint, taxable Household, taxable Tax Ratee income over income over income overe 10% $ $0 $0 12% $9,875 $19,750 $14,100 22%e $40,125 $80,250 $53,700 24% $85,525 $171,050 $85,500 32% $ 163,300 $326,600 $163,300 35% $207,350 $414,700 $207,350 37% $518,400 $622,050 $518,400 Standard Deduction Amounts (2020) Deduction Amount Filing Status Single Married Filing Jointly Head of Household $12,400 $24.800 $18.650 Long-term Capital Gains & Qualified Dividends (2020) le Tax Ratee Single Jointe Head of Householde 0% 15% Under $40,000 $40,000 $441,450 Under $80,0004 $80,0004 $496,600 Under $53,60044 $53,60046 $469,0504 20%e Additional 3.8% Net Investment Income Tax for MAGI over $200,000/$250,000/ $200,000 1. Calculate the federal income tax liability, marginal tax rate, and average tax rate for each of the following scenarios. Assume the following for all scenarios: all income is traditionally earned, the maximum allowable standard deduction is taken, and no other deductions/credits are applied Taxable Income Gross Income Single Income Tax Marginal Rate- Average Rate Taxable Income Joint Income Taxe Marginal Rate Average Rated $40,000 $75,000 $150,000 $500,000- $1,000,000 $10,000,000