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Taxable Income and Total Tax Liability are in thousands. Ranges of Adjusted Gross Income Item Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000
Taxable Income and Total Tax Liability are in thousands.
Ranges of Adjusted Gross Income | ||||||||||||||||||
Item | 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 | ||||||||||||
Number of returns | 36,868,111 | 30,591,169 | 25,344,865 | 31,214,450 | 15,669,954 | 5,259,835 | ||||||||||||
Taxable income | $ | 25,071,854 | $ | 215,157,181 | $ | 532,917,061 | $ | 1,487,794,538 | $ | 1,573,704,933 | $ | 2,521,984,594 | ||||||
Total income tax liability | $ | 2,162,407 | $ | 18,673,619 | $ | 54,670,156 | $ | 192,715,858 | $ | 266,232,620 | $ | 657,115,159 | ||||||
Average tax rate | 8.62 | % | 8.68 | % | 10.26 | % | 12.95 | % | 16.92 | % | 26.06 | % | ||||||
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a. | If the federal tax system was changed to a proportional tax rate structure with a tax rate of 17%, calculate the amount of tax liability for 2012 for all taxpayers. (Consider intermediate computations in thousands of dollars, rounded to the nearest whole number. Enter your final answer in dollars and not in thousands of dollars.)
I got 1080627127, but I know it's not right. I got another similar answer once. Please help me, and to format it correctly. |
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