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Tax liability: Marginal rate: Average rate:

Tax liability: Marginal rate: Average rate:

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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Compute the 2023 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2023 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e., .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $146,400. Tax liability: Marginal rate: Average rate: % Marginal rate: Average rate: % b. Lazare, who files as a head of household, has taxable income of $76,800. Tax liability: % %
Transcribed Image Text:Compute the 2023 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2023 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e., .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $146,400. Tax liability: Marginal rate: Average rate: % Marginal rate: Average rate: % b. Lazare, who files as a head of household, has taxable income of $76,800. Tax liability: % %
Single-Schedule X If taxable income is: Over- $ 0 11,000 44,725 95,375 182,100 231,250 income is: Over- $ But not over- $ 11,000 44,725 95,375 182,100 231,250 578,125 0 22,000 89,450 190,750 364,200 462,500 693,750 But not over- The tax is: $ 22,000 89,450 190,750 364,200 462,500 693,750 ****** 10% $ 1,100.00+ 12% 5,147.00 +22% 16,290.00+ 24% 37,104.00+ 32% 52,832.00+ 35% 578,125 174,238.25 + 37% Married filing jointly or Qualifying widow(er)-- Schedule Y-1 If taxable The tax is: ......... 10% $ 2,200.00 +12% 10,294.00+ 22% 32,580.00 24% 2023 Tax Rate Schedules 74,208.00 + 32% 105,664.00+ 35% 186,601.50 +37% of the amount over- $ $ 0 11,000 44,725 95,375 182,100 231,250 578,125 of the amount over- 0 22,000 89,450 190,750 364,200 462,500 693,750 Head of household-Schedule Z If taxable income is: Over- $ 0 15,700 59,850 95,350 If taxable income is: Over- $ But not over- 0 11,000 44,725 95,375 182,100 231,250 346,875 $ 15,700 59,850 95,350 182,100 231,250 578,100. 182,100 231,250 578,100 Married filing separately-Schedule Y-2 The tax is: But not over- $ 11,000 44,725 95,375 182,100 231,250 346,875 ......... 10 % $ 1,570.00 +12% 6,868.00 22% 14,678.00 24% 35,498.00+ 32% 51,226.00+ 35% 172,623.50 37% The tax is: 10% $ 1,100.00+ 12% 5,147.00 +22% 16,290,00 + 24% 37,104.00 + 32% 52,832.00+ 35% 93,300.75 + 37% of the amount over- $ 0 15,700 59,850 95,350 182,100 231,250 578,100 of the amount over- $ 0 11,000 44,725 95,375 182,100 231,250 346,875
Transcribed Image Text:Single-Schedule X If taxable income is: Over- $ 0 11,000 44,725 95,375 182,100 231,250 income is: Over- $ But not over- $ 11,000 44,725 95,375 182,100 231,250 578,125 0 22,000 89,450 190,750 364,200 462,500 693,750 But not over- The tax is: $ 22,000 89,450 190,750 364,200 462,500 693,750 ****** 10% $ 1,100.00+ 12% 5,147.00 +22% 16,290.00+ 24% 37,104.00+ 32% 52,832.00+ 35% 578,125 174,238.25 + 37% Married filing jointly or Qualifying widow(er)-- Schedule Y-1 If taxable The tax is: ......... 10% $ 2,200.00 +12% 10,294.00+ 22% 32,580.00 24% 2023 Tax Rate Schedules 74,208.00 + 32% 105,664.00+ 35% 186,601.50 +37% of the amount over- $ $ 0 11,000 44,725 95,375 182,100 231,250 578,125 of the amount over- 0 22,000 89,450 190,750 364,200 462,500 693,750 Head of household-Schedule Z If taxable income is: Over- $ 0 15,700 59,850 95,350 If taxable income is: Over- $ But not over- 0 11,000 44,725 95,375 182,100 231,250 346,875 $ 15,700 59,850 95,350 182,100 231,250 578,100. 182,100 231,250 578,100 Married filing separately-Schedule Y-2 The tax is: But not over- $ 11,000 44,725 95,375 182,100 231,250 346,875 ......... 10 % $ 1,570.00 +12% 6,868.00 22% 14,678.00 24% 35,498.00+ 32% 51,226.00+ 35% 172,623.50 37% The tax is: 10% $ 1,100.00+ 12% 5,147.00 +22% 16,290,00 + 24% 37,104.00 + 32% 52,832.00+ 35% 93,300.75 + 37% of the amount over- $ 0 15,700 59,850 95,350 182,100 231,250 578,100 of the amount over- $ 0 11,000 44,725 95,375 182,100 231,250 346,875
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