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 liabilityMarginal tax rateAverage tax ratea%b.

Tax liability can be defined as the compulsory obligation of the individual or business organization…

Answered: Required: Determine the tax liability,…

Business

Accounting

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

Section: Chapter Questions

Problem 1Q

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Concept explainers

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.

Question

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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