Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases.
Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases.
Use the tax Tables and tax rate schedules to determine tax liability.
Required:
a. Single taxpayer, taxable income of $31,716.
b. Single taxpayer, taxable income of $98,263.
Note: For all requirements, round "Average tax rate" to 2 decimal places.
a.
b.
Tax liability
Marginal tax rate
%
%
Average tax rate
%
%
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