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Taxable Income and Total Tax Liability are in thousands. * The average tax rate is total tax liability divided by taxable income. Required: a .
Taxable Income and Total Tax Liability are in thousands. The average tax rate is total tax liability divided by taxable income. Required: a If the federal tax system was changed to a proportional tax rate structure with a tax rate of calculate the amount of tax liability for for all taxpayers. b What is the amount and nature of difference from actual tax liability specified in the above table? If the federal tax system was changed to a proportional tax rate structure with a tax rate of calculate the amount of tax liability for for all taxpayers. Note: Consider intermediate computations and final answer in thousands of dollars, rounded to the nearest whole number.
Taxable Income and Total Tax Liability are in thousands.
The average tax rate is total tax liability divided by taxable income.
Required:
a If the federal tax system was changed to a proportional tax rate structure with a tax rate of calculate the amount of tax
liability for for all taxpayers.
b What is the amount and nature of difference from actual tax liability specified in the above table?
If the federal tax system was changed to a proportional tax rate structure with a tax rate of calculate the amount of
tax liability for for all taxpayers.
Note: Consider intermediate computations and final answer in thousands of dollars, rounded to the nearest whole number.
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