Compute the 2021 tav kability and the marginal and average tax rates for the following taxpayers. Click here to access the 2021 tax rate schedule. If required, round the tax liability the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (Le. 67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who fies as a single taspayer, has taxable income of s94,000. Tax kability: Marginal rate: 24 Average rate: b. Lazare, who fles as a head of household, has taxable income of $57,050. Tax liabity: Marginal rate 22 Average rate:
Compute the 2021 tav kability and the marginal and average tax rates for the following taxpayers. Click here to access the 2021 tax rate schedule. If required, round the tax liability the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (Le. 67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who fies as a single taspayer, has taxable income of s94,000. Tax kability: Marginal rate: 24 Average rate: b. Lazare, who fles as a head of household, has taxable income of $57,050. Tax liabity: Marginal rate 22 Average rate:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
B6
Transcribed Image Text:Tax Drill - Computing Tax Liability
Compute the 2021 tax kability and the marginal and average tax rates for the following taxpayers.
Click here to access the 2021 tax rate schedule. If required, round the tax liability the nearest dollar. When required, round the
average rates to four decimal places before converting to a percentage (ie. 67073 would be rounded to .6707 and entered as
67.07%).
a. Chandler, who files as a single taxpayer, has taxable income of 594,000.
Tax kability:
Marginal rate:
24
Average rate:
b. Lazare, who files as a head of household, has taxable income of $57,050.
Tax kability:
Marginal rate:
22
Average rate:
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