Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required: Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table.

image text in transcribed

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Theory Conceptual Issues in a Political and Economic Environment

Authors: Harry Wolk, James Dodd, John Rozycki

8th edition

1412991692, 978-1412991698

More Books

Students also viewed these Accounting questions

Question

What are the five stages of the benchmarking process?

Answered: 1 week ago