Required: Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required:
Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases.
Use the appropriate Tax Tables and Tax Rate Schedules.
a. Married taxpayers, who file a joint return, have taxable income of $39,821.
b. Married taxpayers, who file a joint return, have taxable income of $63,790.
(For all requirements, use the tax tables to compute tax liability. Round "Average tax rate" to 2 decimal places.)
Tax liability
Marginal tax rate
Average tax rate
a
%
b.
Transcribed Image Text:Required: Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the appropriate Tax Tables and Tax Rate Schedules. a. Married taxpayers, who file a joint return, have taxable income of $39,821. b. Married taxpayers, who file a joint return, have taxable income of $63,790. (For all requirements, use the tax tables to compute tax liability. Round "Average tax rate" to 2 decimal places.) Tax liability Marginal tax rate Average tax rate a % b.
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