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Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2020 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 $94,800.

Sagot :

Parrain

Answer:

Tax liability:

Chandler is in 85,525 - 163,300 bracket.

Liability is:

= 14,605.50 + (24 % * (94,800 - 85,525))

= 14,605.50 + 2,226

= $‭16,832

Marginal Tax rate = 24%

Marginal tax rate for 85,525 - 163,300 bracket is 24%.

Average tax rate:

= Tax liability / Taxable income

= 16,832 / 94,800

= 17.76%

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