Required:Determine the amount of average income tax liability per tax return, for each income range provided, using the information in thebelow table. Taxable Income and Total Tax Liability are in thousands.Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value.ItemNumber of returnsTaxable incomeTotal tax liabilityAverage tax rate*Under $15,000Under $15,000$15,000 to under $30,000$30,000 to under $50,000$50,000 to under $100,000$100,000 to under $200,000$200,000 or more30,714,703$ 5,390,125$531,6179.86%Ranges of Adjusted Gross Income$30,000 to under$50,00028,926,396$ 639,291,718$ 55,977,985$15,000 to under$30,00027,410,521$ 189,347,926$ 15,580, 2448.23%*The average tax rate is total tax liability divided by taxable income.8.76%$50,000 to under$100,00037,547,554$ 1,912,927,663$215,489,66711.26%$100,000 to under$200,00024,180, 326$ 2,687,820,279$385,558,66214.34%$200,000 or more11,616,232$ 6,249,267,422$ 1,591,515,17925.47%

The income tax return is a document filed with the tax authority of a country stating the sources of…

Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Item Number of returns Taxable income Total tax liability Average tax rate* Under $15,000 30,714,703 $5,390,125 $ 531,617 9.86% Ranges of Adjusted Gross Income $30,000 to under $50,000 28,926,396 $639,291,718 $ 55,977,985 $15,000 to under $30,000 27,410,521 $ 189,347,926 $ 15,580, 244 8.23% *The average tax rate is total tax liability divided by taxable income. 8.76% $50,000 to under $100,000 37,547,554 $ 1,912,927,663 $ 215,489,667 11.26% $100,000 to under $200,000 24,180,326 $ 2,687,820,279 $385,558,662 14.34% $200,000 or more 11,616,232 $ 6,249,267,422 $ 1,591,515,179 25.47%

Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Item Number of returns Taxable income Total tax liability Average tax rate* Under $15,000 30,714,703 $5,390,125 $ 531,617 9.86% Ranges of Adjusted Gross Income $30,000 to under $50,000 28,926,396 $639,291,718 $ 55,977,985 $15,000 to under $30,000 27,410,521 $ 189,347,926 $ 15,580, 244 8.23% *The average tax rate is total tax liability divided by taxable income. 8.76% $50,000 to under $100,000 37,547,554 $ 1,912,927,663 $ 215,489,667 11.26% $100,000 to under $200,000 24,180,326 $ 2,687,820,279 $385,558,662 14.34% $200,000 or more 11,616,232 $ 6,249,267,422 $ 1,591,515,179 25.47%

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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