Problem 1-47 (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.
Married taxpayers, who file a joint return, have taxable incomeof $76,792.
Married taxpayers, who file a joint return, have taxable incomeof $97,137.
Tax liability Margin tax rate Average tax rate
a.__________ __________% __________%
b. __________ __________ % __________%
Tax Table
Taxable income is –
At least But less than Married Joint
76,750 76,800 10,736
Taxable income is –
At least But less than Married Joint
97,100 97,150 15,824
Tax Rate Schedules.
Schedule Y-1-Married Filing Jointly of Qualifying Widow(er)
If taxable
income is over: But not over: The tax is:
$0 $18,550 10% of taxable income
$18,550 $75,300 $1,855.00 plus 15% of the excess over $18,550
$75,300 $151,900 $10.367.50 plus 25%of the excess over $75,300
$151,900 $231,450 $29,517.50 plus 28% of theexcess over $151,900
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