Problem 1-40 (LO 1-1)
Taxable Income and Total Tax Liability are inthousands.
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
%
a. If the federal tax system was changed to aproportional tax rate structure with a tax rate of 17%, calculatethe amount of tax liability for 2014 for all taxpayers.(Consider intermediate computations in thousands ofdollars, rounded to the nearest whole number. Enter your finalanswer in dollars and not in thousands ofdollars.)
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