Your client, Ms. Dunham, has asked you to help her understand how her tax is computed.

You need to provide Ms. Dunham with the following: An example of how to calculate the tax liability using the tax rate table and the tax rate formula for a taxpayer with taxable income of $55,000, filing status Married Filing Jointly An explanation of the marginal tax rate and average tax rates for this tax payer

Be clear in your discussion so that Ms. Dunham, a person with no business or tax background, can understand everything.