# Problem 1 47 Lo 1 2 1 4 Determine Tax Liability Marginal Tax Rate Average Tax Rate Followi Q17781800

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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