Compute the 2023 tax liability and the marginal and average tax rates for the following taxpayers.Click here to access the 2023 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 $167,400.Tax liability:Marginal rate:Average rate:Marginal rate:%b. Lazare, who files as a head of household, has taxable income of $67,200.Tax liability:Average rate:%%% 55*+6F6YHNSingle-Schedule XIf taxableincome is:Over-$F7&The tax is:0..10%$ 1,100.00 +12%11,00044,7255,147.00 +22%95,37516,290.00 + 24%182,10037,104.00 + 32%231,25052,832.00 + 35%174,238.25 + 37%578,125Married filing jointly or Qualifying widow(er)-Schedule Y-1If taxableincome is:Over-$ 022,00089,450190,750364,200462,500693,7507UJBut notover-M$ 11,00044,72595,375182,100231,250578,125*********$ 22,00089,450190,750364,200462,500693,750QLOF8But notover-8OK}F9VThe tax is:..…......10%$2,200.00 + 12%10,294.00 +22%32,580.00 +24%74,208.00 + 32%105,664.00 + 35%186,601.50 +37%(9OL2023 Tax Rate SchedulesF10Vof theamountover-)0$011,00044,72595,375182,100231,250578,125of theamountover-$ 022,00089,450190,750364,200462,500693,750LAF11?Head of household-Schedule ZIf taxableincome is:Over-$If taxableincome is:Over-$11,00044,72595,375182,100231,250346,875CF12{15,70059,85095,350182,100231,250578,100Married filing separately-Schedule Y-2[0011YSInsert+ 11But notover-$ 15,70059,85095,350182,100231,250578,100But notover-$ 11,00044,72595,375182,100231,250346,875}1-*****************The tax is:.10%$ 1,570.00 +12%6,868.00 +22%14,678.00 +24%35,498.00 +32%51,226.00 + 35%172,623.50 +37%PrtScThe tax is:..10%$ 1,100.00 + 12%5,147.00 +22%16,290.00 +24%37,104.00+ 32%52,832.00+ 35%93,300.75 +37%DeleteEnter$ShiftBackspace NumLock7$of theamountover-11,00044,72595,375182,100231,250346,8754of theamountover-Home115,70059,85095,350182,100231,250578,10001852*9PgUp6→1:139/17/20

According to the question given, we need to compute the tax liability, average tax rate, and,…

Click here to access the 2023 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 .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $167,400. Tax liability: Marginal rate: Average rate: Marginal rate: % b. Lazare, who files as a head of household, has taxable income of $67,200. Tax liability: Average rate: % % %

Click here to access the 2023 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 .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $167,400. Tax liability: Marginal rate: Average rate: Marginal rate: % b. Lazare, who files as a head of household, has taxable income of $67,200. Tax liability: Average rate: % % %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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