Lateshasingletaxpayer, had the following income and deductions for the tax year 2015:

LOADING... (Click the icon to view the income anddeductions.) LOADING... (Click the icon to view the 20152015 tax rate schedule for the Single filingstatus.)

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Requirements

a.	Compute Latesha'sLatesha's taxable income and federal tax liability for 20152015.
b.	Compute Latesha'sLatesha's marginal, average, and effective tax rates.
c.	For tax planningpurposes, which of the three rates in Part b is the mostimportant?

qattachments_2b0af702e68abacd2d04ad6752de686ba302fa22 INCOME: Salary Business Income Interest income from bonds Tax-exempt bond interest TOTAL INCOME DEDUCTIONS: Business expenses Itemized deductions Personal exemption TOTAL DEDUCTIONS $80,000 25000 10000 5000 $120,000 $9,500 20000 4000 $33,500 Page 1 qattachments_68c1f0e0c19861ebed1c738a269936d79c8ac87b Single If taxable income is: Not over $9,225 Over $9,225 but not over $37,450 Over $37,450 but not over $90,750 Over $90,750 but not over $189,300 Over $189,300 but not over $411,500 Over $411,500 but not over $413,200 Over $413,200 Page 1 qattachments_68c1f0e0c19861ebed1c738a269936d79c8ac87b The tax is: 10% of taxable income. $922.50 + 15% of the excess over $9,225. $5,156.25 + 25% of the excess over $37,450. $18,481.25 + 28% of the excess over $90,750. $46,075.25 + 33% of the excess over $189,300. $119,401.25 + 35% of the excess over $411,500. $119,996.25 + 39.6% of the excess over $413,200. Page 2