Question
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,
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.
Poornimas Tax Scenario Poornima is a young professional with taxable income of $183,500 as an advertising account executive.
What is Poornimas total tax liability? $ (Note: Round your answer to the nearest cent, if necessary.)
What is Poornimas top marginal tax rate?
What is Poornima's average tax rate?
\begin{tabular}{ll} \hline Taxable income & Rate \\ \hline$0$9,525 & 10.0% \\ \hline$9,526$38,700 & 12.0% \\ \hline$38,701$82,500 & 22.0% \\ \hline$2,501$157,500 & 24.0% \\ \hline 157,501$200,000 & 32.0% \\ \hline$200,001$500,000 & 35.0% \\ \hline 500,001 or more & 37% \\ \hline \end{tabular}Step by Step Solution
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