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Required: Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table. Taxable
Required: 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. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Ranges of Adjusted Gross Income $30,000 to under $50,000 27,803,637 $ 604,929,808 $50,000 to under $100,000 $100,000 to under $200,000 $ 50,780,871 8.39% 35,871,449 $ 1,754,992,416 $ 187,443,777 10.68% 22,343,838 $ 2,305,785,171 $ 319,069,367 13.84% $200,000 or more 9,994,402 $ 3,866,432,623 $ 907,652,543 23.48% Item Number of returns Taxable income Total tax liability Average tax rate* Under $15,000 39,275,002 $ 6,943,829 $ 782,932 11.28% $15,000 to under $30,000 27,523,909 $ 193,035,768 $ 14,923,011 7.73% *The average tax rate is total tax liability divided by taxable income. 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
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