Problem 1-39 (LO 1-1)
Determine the amount of average income tax liability per taxreturn, for each income range provided, using the information inthe below table. Taxable Income and Total Tax Liability are inthousands. (Enter your answers in dollars rounded to thenearest dollar value.)
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 ofreturns
36,181,194
30,321,571
26,110,889
32,327,738
17,534,600
6,210,595
Taxableincome
$
22,125,213
$
213,795,812
$
553,217,626
$
1,558,146,414
$
1,787,498,797
$
2,784,889,814
Total taxliability
$
1,871,128
$
18,569,250
$
56,359,918
$
201,900,692
$
297,957,670
$
781,434,510
Average taxrate
8.46
%
8.69
%
10.19
%
12.96
%
16.67
%
28.06
%
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