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signment Activity: Chapter 03 Preparing Your laxes Rate 10.0% 12.0% 22.0% Taxable income $0 - $9,525 $9,526 - $38,700 $38,701 - $82,500 $82,501 - $157,500 $157,501 - $200,000 $200,001 - $500,000 $500,001 or more 24.0% 32.0% 35.0% 37% Using the previous tax table, compute the tax liability for the individual in the scenario presented, rounding the liability to the nearest dollar. In addition, use the dropdown lists to identify the marginal tax rate and average tax rate for the individual in the scenario, Frances's Tax Scenario Frances is a young professional with taxable income of $193,500 as an advertising account executive What is Frances's total tax liability? 5 (Note: Round your answer to the nearest cent, if necessary) What is Frances's top marginal tax rate? What is Frances's average tax rate