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undefined Tax Liability Calculation, Marginal and Average Tax Rates for Various Filing Status (LO. 1) A taxpayer has $95,000 of taxable income for 2020. Determine
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Tax Liability Calculation, Marginal and Average Tax Rates for Various Filing Status (LO. 1) A taxpayer has $95,000 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 b. Married couple filing jointly c. Corporation Refer to Appendix D to calculate the total tax. Round Total Tax to two decimal places and use in subsequent computations. Enter Average Tax Rate to two decimal places. Taxpayer Total Tax Marginal Tax Rate Average Tax Rate a. Single individual 16,974.50 X 24 % 17.87 X % b. Married couple 12,617.00 X 24 X % 13.28 X % $ $ C. Corporation 19,950.00 21.00 % 21.00 %Step by Step Solution
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