Problem 2-5 Calculating Taxes [LO3] Timmy Tappan is single and had $181.000 in taxable income Using the rates from Table 23 in the chapter, calculate his income taxes. a. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g.. 32.16.) b. What is the marginal tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to the nearest whole number, e.g., 32.) a. Average tax rate b. Marginal tax rate 22 11% 32% Table 2.3 Personal Tax Rates for 2020 (U. Tax Rate 10% Taxable Income $ 0-9,875 9,875-40, 125 40, 125-85,525 85,525-163, 300 163, 300-207,350 207, 350-518,400 518, 400+ Ignm me NaNON Problem 2-5 Calculating Taxes [LO3] Timmy Tappan is single and had $181,000 in taxable income. Using the rates from Table 2.3 in the chapter, calculate his income taxes. a. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the marginal tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to the nearest whole number, e.g. 32.) % % a. Average tax rate b. Marginal tax rate