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click here to access the 2022 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%).

Sagot :

Tax Liability = $ 20,140 Marginal Rate = 24% Average Rate = 18.38%

If taxable income raise by $1, then he has to pay 24% income tax o such additional income.

Average tax rate=Tax liability/ Taxable income

Average tax rate=20,140/109, 600 = 0.1838 or 18.385

Tax Liability is the sum of money that a person, company, or other organization owes to a federal, state, or municipal taxing body.

Generally, when you earn money or make money off of the sale of an investment or another item, you have to pay taxes. If your income falls below the threshold for filing taxes, you could not owe any income taxes.

Taxes on earned income are the most typical tax Liability for Americans. You utilize the Internal Revenue Service's (IRS) tax rates and basic deductions while filing federal taxes.

Learn more about Tax Liability, here

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