Problem 1 40 Lo 1 1 Taxable Income Total Tax Liability Thousands Ranges Adjusted Gross Inc Q17782634

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 of returns

36,181,194

30,321,571

26,110,889

32,327,738

17,534,600

6,210,595

Taxable income

$

22,125,213

$

213,795,812

$

553,217,626

$

1,558,146,414

$

1,787,498,797

$

2,784,889,814

Total tax liability

$

1,871,128

$

18,569,250

$

56,359,918

$

201,900,692

$

297,957,670

$

781,434,510

Average tax rate

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.)      
Amount of tax liability ____________
 
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