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Business
Accounting
Taxable income $0-$9,525 $9,526$38,700 $38,701-$82,500 $82,501-$157,500 $157,501-$200,000 $200,001 - $500,000 $500,001 or more Rate 10.0% 12.0% 22.0% 24.0% 32.0% 35.0% 37%

Taxable income $0-$9,525 $9,526$38,700 $38,701-$82,500 $82,501-$157,500 $157,501-$200,000 $200,001 - $500,000 $500,001 or more Rate 10.0% 12.0% 22.0% 24.0% 32.0% 35.0% 37%

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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Subject:- Accounting 

 

Taxable income Rate 10.0% 12.0% 22.0% $82,501-$157,500 24.0% $157,501 $200,000 32.0% $200,001 - $500,000 35.0% $500,001 or more 37% $0-$9,525 $9,526 $38,700 $38,701 $82,500 Using the previous tax table, compute the tax liability for the individual in the scenario presented, rounding the liability to the nearest dollar. In addition, use the dropdown lists to identify the marginal tax rate and average tax rate for the individual in the scenario. Beth's Tax Scenario Beth is a young professional with taxable income of $177,500 as an advertising account executive. What is Beth's total tax liability? S What is Beth's top marginal tax rate? What is Beth's average tax rate? (Note: Round your answer to the nearest cent, if necessary.)
Transcribed Image Text:Taxable income Rate 10.0% 12.0% 22.0% $82,501-$157,500 24.0% $157,501 $200,000 32.0% $200,001 - $500,000 35.0% $500,001 or more 37% $0-$9,525 $9,526 $38,700 $38,701 $82,500 Using the previous tax table, compute the tax liability for the individual in the scenario presented, rounding the liability to the nearest dollar. In addition, use the dropdown lists to identify the marginal tax rate and average tax rate for the individual in the scenario. Beth's Tax Scenario Beth is a young professional with taxable income of $177,500 as an advertising account executive. What is Beth's total tax liability? S What is Beth's top marginal tax rate? What is Beth's average tax rate? (Note: Round your answer to the nearest cent, if necessary.)
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