Tax Liability Calculation, Marginal and Average Tax Rates for Various Filing Status (LO. 1) A taxpayer has $93,670 of taxable income for 2020. Determine the total tax, the marginal tax rate, and the average tax rate if the taxpayer is a a. Single individual . Married couple filing jointly c. Corporation Do not round intermediate computations. Use the 2020 tax rate schedule (Appendix D). Do not round your intermediate calculations. Round your final answers to two decimal places. Taxpayer Total Tax Marginal Tax Rate Average Tax Rate a. Single individual $ % % b. Married couple % % C. Corporation % % 2020 Tax Rate Schedules Single Taxpayers Married Taxpayers Filing Jointly and Surviving Spouse of the Amount Over The Tax ls If Taxable income Is Over But Not Over $ 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 10% $ 987.50 + 12% 4,617.50 +22% 14,605.50 +24% 33,271.50 + 32% 47,367.50+ 35% 156,235.00+ 37% of the Amount Over $ 0 9,875 40,125 85,525 163,300 207,350 518,400 If Taxable income Is Over But Not Over $ 0 19,750 19,750 80,250 80,250 171,050 171,050 326,600 326,600 414,700 414,700 622,050 622,050 The Tax is 10% $ 1,975.00 + 12% 9,235.00 +22% 29,211.00 +24% 66,543.00 + 32% 94,735.00 + 35% $167,307.50 +37% $ 0 19,750 80,250 171,050 326,600 414,700 622,050 Head of Household Married Taxpayers, Filing Separately of the Amount Over of the Amount Over The Tax is If Taxable income Is Over But Not Over $ 0 14,100 14,100 53,700 53,700 85,500 85,500 163,300 163,300 207,350 207,350 518,400 518,400 The Tax is 10% $ 1,410.00 + 12% 6,162.00 +22% 13,158.00 +24% 31,830,00 + 32% 45,926.00 + 35% 154,793.50 +37% $ 0 14,100 53,700 85,500 163,300 207,350 518,400 If Taxable income Is Over But Not Over $ 0 9,875 9,875 40,125 40,125 85,525 85,525 163,300 163,300 207,350 207,350 311,025 311,025 10% $ 987.50 +12% 4,617.50 + 22% 14,605.50 +24% 33,271.50 + 32% 47,367.50 + 35% 83,653.75 + 37% $ 0 9,875 40,125 85,525 163,300 207,350 311,025 Corporate Tax Rate Schedule Social Security Tax Rates All corporate taxable income is taxed at a flat 21% rate. OASDI - 6.20% on up to $137,700 of salaries and wages MHI - 1.45% on all salaries and wages