Problem 1-37 (LO 1-1) $200,000 7,274,098 3.050.112.03 17,415.5 Taxable income and Total Tox Liability are in thousands langer of Adjusted drous Income 515,000 to under $30,000 to under $50,000 to under $100,000 to under Under $15,000 $39.000 550,000 $100,000 $200,000 Mamber of returns 35,893,070 30,291.595 26.00), 065 33.230,72 19, 122,50 Taxable income $22.366.14 $ 212,900,145 $ 56),628,007 $ 1.516,320, $ 1.010.220.592 Total tax liability $ 2,735,98 $ 19,140.950 358,492,73 5 308.563,012 3321,923,180 12.25 8.994 10.30 13.158 16.14 "The average tax rate is total tax liability divided by thxable income. Required: a. If the federal tax system was changed to a proportional tax rate structure with a tax rate of 17%, calculate the amount of tax ability for 2018 for all taxpayers b. What is the amount and nature of difference from actual tax liability specified in the above table? blem able Income and Total Tax Liability are in thousands S100,000 to under $200,000 19, 122,50 $ 1,911,228,592 321,922,180 Ranges of dusted Cross Income $15,000 to under $30,000 to under $50,000 to under $30,000 $50,000 $100,000 30,291,595 26,993,065 33,230, 782 212.900,745 #563,620,007 31,586,320,799 $ 19,149,950 $ 58,492,733 708,563,012 8.995 10.33 13.358 200,000 or more 7.274.990 $ 3,050, 132,039 $ 35, 415, ses 28.110 Under $15,000 35,893,070 $ 22,366,854 $ 2,235,98 12.24 umber of return Table income Total tax liability verage tax rate The average tax rate is total tax liability divided by taxable income. Required: .. If the federal tax system was changed to a proportional tax rate structure with a tax rate of 17%, calculate the amount of tax liability for 2018 for all taxpayers. b. What is the amount and nature of difference from actual tax liability specified in the above table