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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.
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. (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 Under $15,000 $15,000 to under $30,000 Item Number of returns Taxable income Total tax liability Average tax rate* 35,810,850 $ 22,143,420 $ 2,510,740 30,241,375 $ 212,697,281 $ 18,943,710 *The average tax rate is total tax liability divided by taxable income. 11.34% 8.91% $50,000 26,812,845 $ 563,416,543 $ 59,383,493 10.54% $50,000 to under $100,000 33,140,562 $ 1,585,709,335 $ 208,503,772 13.15% $100,000 to under $200,000 18,992,238 $ 1,910,217,128 $ 320,912,940 16.80% $200,000 or more 7,144,678 $ 3,048,720,575 $ 855,806,345 28.07% 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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