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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
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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