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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 Under $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 more Ranges of Adjusted Gross Income $30,000 to under $50,000 $15,000 to under $30,000 39,269,402 $ 6,938,229 $ 777,332 11.20% "The average tax rate is total tax liability divided by taxable income. 27,369,909 $ 192,881,768 $ 14,769,011 7.66% 27,138,637 $ 604,264,808 $ 50,115,871 8.29% $50,000 to under $100,000 34,436,449 $ 1,753,557,416 $ 186,008,777 10.61% $100,000 to under $200,000 20,908,838 $ 2,304,350, 171 $ 317,634,367 13.78% $200,000 8 $ 3,864 $ 906

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 Under $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 more Ranges of Adjusted Gross Income $30,000 to under $50,000 $15,000 to under $30,000 39,269,402 $ 6,938,229 $ 777,332 11.20% "The average tax rate is total tax liability divided by taxable income. 27,369,909 $ 192,881,768 $ 14,769,011 7.66% 27,138,637 $ 604,264,808 $ 50,115,871 8.29% $50,000 to under $100,000 34,436,449 $ 1,753,557,416 $ 186,008,777 10.61% $100,000 to under $200,000 20,908,838 $ 2,304,350, 171 $ 317,634,367 13.78% $200,000 8 $ 3,864 $ 906

FINANCIAL ACCOUNTING
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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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 Under $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 more Ranges of Adjusted Gross Income $30,000 to under $50,000 27, 138,637 $ 604,264,808 $ 50,115,871 $15,000 to under $30,000 39,269,402 $ 6,938,229 $ 777,332 11.20% *The average tax rate is total tax liability divided by taxable income. 27,369,909 $ 192,881,768 $ 14,769,011 7.66% 8.29% $50,000 to under $100,000 34,436,449 $ 1,753,557,416 $ 186,008,777 10.61% $100,000 to under $200,000 20,908,838 $ 2,304,350, 171 $ 317,634,367 13.78% $200,000 8 $ 3,864 $ 906
Transcribed Image Text: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 Under $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 more Ranges of Adjusted Gross Income $30,000 to under $50,000 27, 138,637 $ 604,264,808 $ 50,115,871 $15,000 to under $30,000 39,269,402 $ 6,938,229 $ 777,332 11.20% *The average tax rate is total tax liability divided by taxable income. 27,369,909 $ 192,881,768 $ 14,769,011 7.66% 8.29% $50,000 to under $100,000 34,436,449 $ 1,753,557,416 $ 186,008,777 10.61% $100,000 to under $200,000 20,908,838 $ 2,304,350, 171 $ 317,634,367 13.78% $200,000 8 $ 3,864 $ 906
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