Exercise 3-23 (Algorithmic) (LO. 6)Compute the 2022 tax liability and the marginal and average tax rates for the following taxpayers.Click here to access the 2022 tax rate schedule. If required, round the tax liability to the nearest dollar. When required,round the average rates to four decimal places before converting to a percentage (i.e., .67073 would be rounded to .6707and entered as 67.07%).a. Chandler, who files as a single taxpayer, has taxable income of $101,200.Tax liability:Marginal rate:Average rate:%%b. Lazare, who files as a head of household, has taxable income of $58,200.Tax liability:Marginal rate:Average rate:%%

Tax liability refers to the total amount of taxes owed by an individual or entity to the government…

Answered: a. Chandler, who files as a single…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Determine the Income Taxes Responsibility for this taxpayers, remember to present procedure in any taxpayer. Taxpayer(s) Filing Status Income Itemized Deductions income Taxes LiabilityArturo Single $29,239 $2,000 ___________Belize HOH $53,129 $14,500 ___________Carmine Qualifying Widow 89,000 $12,490 ___________Family Rivas MFJ $139,000 $23,000 ___________
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a. Chandler, who files as a single taxpayer, has taxable income of $101,200. Tax liability: Marginal rate: Average rate: % % b. Lazare, who files as a head of household, has taxable income of $58,200. Tax liability: Marginal rate: Average rate: 000 000 % %