Problem 1-46 (LO 1-2, 1-4)
Determine the tax liability, marginal tax rate, and average taxrate in each of the following cases. (Use the tax tables tocompute tax liability. Round “Average tax rate” to 2 decimalplaces.)
Use the Form 1040EZ Tax Tables and Tax Rate Schedules.Single taxpayer, taxable income of $29,464.
Single taxpayer, taxable income of $76,792.Tax liability Margin tax rate Average tax rate
a.__________ __________% __________%
b. __________ __________ % __________%
Tax Table
Taxable income is –
At least But less than Single
29,400 29,450 3,950
29,450 29,500 3,958
Taxable income is –
At least But less than Single
76,750 76,800 14,965
Tax Rate Schedules.
Schedule X-Single
If taxable
Income is over: But not over: Thetax is:
$0 $9,275 10% of taxable income
$9,275 $37,650 $927.50 plus 15% of the excess over$9,275
$37,650 $91,150 $5,183.75plus 25% of the excess over $37,650
$91,150 $190,150 $18,558.75plus 28% of the excess over $91,150
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