Problem 1 48 Lo 1 2 1 4 Determine Tax Liability Marginal Tax Rate Average Tax Rate Followi Q17781708

Problem 1-48 (LO 1-2, 1-4) Determine the tax liability, marginaltax rate, and average tax rate in each of the following cases. (Usethe tax tables to compute tax liability. Round “Average tax rate”to 2 decimal places.)
Use the below Form 1040EZ Tax Tables.
Married taxpayers, who file a joint return, have taxable incomeof $29,464. Single taxpayer, has taxable income of $97,137.
Tax liability         Margin tax rate    Average tax rate
a.__________    __________%       __________%
b. __________   __________ %        __________%
Tax Tables

At least      But lessthan    Married filing jointly

29,000

29,050

3,426

29,050

29,100

3,434

29,100

29,150

3,441

29,150

29,200

3,449

29,200

29,250

3,456

29,250

29,300

3,464

29,300

29,350

3,471

29,350

29,400

3,479

29,400

29,450

3,486

29,450

29,500

3,494

29,500

29,550

3,501

29,550

29,600

3,509

29,600

29,650

3,516

29,650

29,700

3,524

29,700

29,750

3,531

29,750

29,800

3,539

29,800

29,850

3,546

29,850

29,900

3,554

29,900

29,950

3,561

29,950

30,000

3,569

Tax Tables
At least     But less thanSingle

97,000

97,050

20,204

97,050

97,100

20,218

97,100

97,150

20,232

97,150

97,200

20,246

97,200

97,250

20,260

97,250

97,300

20,274

97,300

97,350

20,288

97,350

97,400

20,302

97,400

97,450

20,316

97,450

97,500

20,330

97,500

97,550

20,344

97,550

97,600

20,358

97,600

97,650

20,372

97,650

97,700

20,386

97,700

97,750

20,400

97,750

97,800

20,414

97,800

97,850

20,428

97,850

97,900

20,442

97,900

97,950

20,456

97,950

98,000

20,470

 
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