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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