Required:Determine the amount of average income tax liability per tax return, for each income range provided, using the information in thebelow table. Taxable income and Total Tax Liability are in thousands.Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value.ItenNumber of returnsTaxable incomeTotal tax liabilityAverage tax ratesUnder $15.000Under $15,000$15,000 to under $30,000$30,000 to under $50,000$50,000 to under $100,000$100,000 to under $200,000$200,000 or more39,270,202$6,939,029$ 778,13211.21N"The average tax rate is total tax liability divided by taxable income.SS$$$$Ranges of Adjusted Gross Income$30,000 to under$50,000205421,8265,22514,28090.816$15,000 to under$30,00027,391,909$ 192,903,768$ 14,791,0117.67%27,233,637$ 604,359,808$50,210,8718.31%$50,000 to under$100,00034,641,449$1,753,762,416$ 106,213,77710.62%$100,000 to under$200,00021,113,838$ 2,304,555, 171$ 317,839,36713.79%$200,000 or more8,764,402$ 3,865,202,623$ 906,422,54323.45% Xavier and his wife Maria have total W-2 income of $95,392. They will file their tax return as married filing jointly. They had a totalof $7,930 withheld from their paychecks for federal income tax. Determine the amount of refund or additional tax due upon filingtheir tax return.Note: Input your answer as a positive number.Use the appropriate Tax Tables.Additional tax due

The actual tax liability is determined according to the income tax return. The income taxes withheld…

Xavier and his wife Maria have total W-2 income of $95,392. They will file their tax return as married filing jointly. They had a total of $7,930 withheld from their paychecks for federal income tax. Determine the amount of refund or additional tax due upon filing their tax return. Note: Input your answer as a positive number. Use the appropriate Tax Tables. Additional tax due

Xavier and his wife Maria have total W-2 income of $95,392. They will file their tax return as married filing jointly. They had a total of $7,930 withheld from their paychecks for federal income tax. Determine the amount of refund or additional tax due upon filing their tax return. Note: Input your answer as a positive number. Use the appropriate Tax Tables. Additional tax due

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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Please advise
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