Problem 1-43 (LO 1-2, 1-4)
Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases.
Use the Tax Tables and tax rate schedules to compute tax liability.
Required:
a. Single taxpayer, taxable income of $31,916.
b. Single taxpayer, taxable income of $97,463.
Note: For all requirements, round "Average tax rate" to 2 decimal places.
? Answer is complete but not entirely correct.
Marginal tax rate
Tax
Average tax rate
liability
a.
$ 3,610 ?
12 %
11.31 × %
b.
$ 19,791 ?
24 %
17.22 × %