Homework Help is Here – Start Your Trial Now!
Business
Accounting
Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the Tax Tables to compute tax liability. Required: a. Married taxpayers, who file a joint return, have taxable income of $97,813. b. Married taxpayers, who file a joint return, have taxable income of $67.179.

Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the Tax Tables to compute tax liability. Required: a. Married taxpayers, who file a joint return, have taxable income of $97,813. b. Married taxpayers, who file a joint return, have taxable income of $67.179.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Hh1.

 

Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the Tax Tables to compute tax liability. Required: a. Married taxpayers, who file a joint return, have taxable income of $97,813. b. Married taxpayers, who file a joint return, have taxable income of $67,179. Note: For all requirements, round "Average tax rate" to 2 decimal places. a. b. X Answer is complete but not entirely correct. Marginal tax rate 22 Tax liability $ 12,134X $ 7,621 X Show Transcribed Text % 12✔ % c 67,000 67,050 10,363 7,632 67,050 67,100 10,374 67,100 67,150 10,385 67,150 67,200 10,396 67,200 67,250 10,407 Average tax rate 12.41 X % 11.35 X % 10,363 7,638 10,374 7,644 10,385 7,650 10,396 7,656 10,407 67,250 67,300 10,418 7,662 10,418 67,300 67,350 10,429 7,668 10,429 67,350 67,400 10,440 7,674 10,440 67,400 67,450 10,451 7,680 10,451 67,450 67,500 10,462 7,686 10,462 67,500 67,550 10,473 7,692 10,473 67,550 67,600 10,484 7,698 10,484 67,600 67,650 10,495 7,704 10,495 67,650 67,700 10,506 7,710 10,506 67,700 67,750 10,517 7,716 10,517 7,722 67,750 67,800 10,528 67,800 67,850 10,539 67,850 67,900 10,550 7,728 7,734 10,550 67,900 67,950 10,561 7,740 10,561 67,950 68,000 10,572 7,746 10,572 10,528 10,539 8,863 8,874 8,885 8,896 8,907 8,918 8,929 8,940 8,951 8,962 8,973 8,984 8,995 9,006 9,017 9,028 9,039 9,050 9,061 9,072
Transcribed Image Text:Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the Tax Tables to compute tax liability. Required: a. Married taxpayers, who file a joint return, have taxable income of $97,813. b. Married taxpayers, who file a joint return, have taxable income of $67,179. Note: For all requirements, round "Average tax rate" to 2 decimal places. a. b. X Answer is complete but not entirely correct. Marginal tax rate 22 Tax liability $ 12,134X $ 7,621 X Show Transcribed Text % 12✔ % c 67,000 67,050 10,363 7,632 67,050 67,100 10,374 67,100 67,150 10,385 67,150 67,200 10,396 67,200 67,250 10,407 Average tax rate 12.41 X % 11.35 X % 10,363 7,638 10,374 7,644 10,385 7,650 10,396 7,656 10,407 67,250 67,300 10,418 7,662 10,418 67,300 67,350 10,429 7,668 10,429 67,350 67,400 10,440 7,674 10,440 67,400 67,450 10,451 7,680 10,451 67,450 67,500 10,462 7,686 10,462 67,500 67,550 10,473 7,692 10,473 67,550 67,600 10,484 7,698 10,484 67,600 67,650 10,495 7,704 10,495 67,650 67,700 10,506 7,710 10,506 67,700 67,750 10,517 7,716 10,517 7,722 67,750 67,800 10,528 67,800 67,850 10,539 67,850 67,900 10,550 7,728 7,734 10,550 67,900 67,950 10,561 7,740 10,561 67,950 68,000 10,572 7,746 10,572 10,528 10,539 8,863 8,874 8,885 8,896 8,907 8,918 8,929 8,940 8,951 8,962 8,973 8,984 8,995 9,006 9,017 9,028 9,039 9,050 9,061 9,072
17,122 97,000 97,050 17,122 12,580 97,050 97,100 17,134 12,591 17,134 97,100 97,150 17,146 12,602 17,146 97,150 97,200 17,158 12,613 17,158 97,200 97,250 17,170 12,624 17,170 97,250 97,300 17,182 12,635 17,182 97,300 97,350 17,194 12,646 17,194 97,350 97,400 17,206 12,657 17,206 97,400 97,450 17,218 17,218 97,450 97,500 17,230 17,230 12,668 12,679 97,500 97,550 17,242 12,690 17,242 97,550 97,600 17,254 12,701 17,254 97,600 97,650 17,266 12,712 17,266 97,650 97,700 17,278 12,723 17,278 97,700 97,750 17,290 12,734 17,290 15,622 15,634 15,646 15,658 15,670 15,682 15,694 15,706 15,718 15,730 15,742 15,754 15,766 15,778 15,790 97,750 97,800 17,302 12,745 17,302 15,802 97,800 97,850 17,314 12,756 17,314 15,814 97,850 97,900 17,326 12,767 17,326 15,826 97,900 97,950 17,338 12,778 17,338 15,838 97,950 98,000 17,350 12,789 17,350 15,850
Transcribed Image Text:17,122 97,000 97,050 17,122 12,580 97,050 97,100 17,134 12,591 17,134 97,100 97,150 17,146 12,602 17,146 97,150 97,200 17,158 12,613 17,158 97,200 97,250 17,170 12,624 17,170 97,250 97,300 17,182 12,635 17,182 97,300 97,350 17,194 12,646 17,194 97,350 97,400 17,206 12,657 17,206 97,400 97,450 17,218 17,218 97,450 97,500 17,230 17,230 12,668 12,679 97,500 97,550 17,242 12,690 17,242 97,550 97,600 17,254 12,701 17,254 97,600 97,650 17,266 12,712 17,266 97,650 97,700 17,278 12,723 17,278 97,700 97,750 17,290 12,734 17,290 15,622 15,634 15,646 15,658 15,670 15,682 15,694 15,706 15,718 15,730 15,742 15,754 15,766 15,778 15,790 97,750 97,800 17,302 12,745 17,302 15,802 97,800 97,850 17,314 12,756 17,314 15,814 97,850 97,900 17,326 12,767 17,326 15,826 97,900 97,950 17,338 12,778 17,338 15,838 97,950 98,000 17,350 12,789 17,350 15,850
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Determination of Tax Liability
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS