Problem 1-39 (LO 1-1)

Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. (Enter your answers in dollars rounded to the nearest dollar value.)

Ranges of Adjusted Gross Income
Item	Under $15,000				$15,000 to under $30,000				$30,000 to under $50,000				$50,000 to under $100,000				$100,000 to under $200,000				$200,000 or more
Number of returns		36,181,194				30,321,571				26,110,889				32,327,738				17,534,600				6,210,595
Taxable income	$	22,125,213			$	213,795,812			$	553,217,626			$	1,558,146,414			$	1,787,498,797			$	2,784,889,814
Total tax liability	$	1,871,128			$	18,569,250			$	56,359,918			$	201,900,692			$	297,957,670			$	781,434,510
Average tax rate		8.46	%			8.69	%			10.19	%			12.96	%			16.67	%			28.06	%