Required: Determine the amount of average incomeltax liability per tax return, for each income range provided, using the information in the below 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. Under $15,000 30,714,603 $ 5,388,125 $ 532,117 9.88% Under $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 more Ranges of Adjusted Gross Income $15,000 to under $30,000 27,410,421 $ 189,345,926 $ 15,590,244 8.23% $30,000 to under $50,000 to under $50,000 $100,000 28,926,296 37,547,454 $ 1,912,925,663 $ 639,289,718 $ 215,589,667 $ 56,077,985 8.77% Item Number of returns Taxable income Total tax liability Average tax rate* The average tax rate is total tax liability divided by taxable income. 11.27% $100,000 to under $200,000 24,180,226 $ 2,687,818,279 $385,658,662 14.35% $200,000 or more 11,616,132 $ 6,249,265,422 $ 1,591,615,179 25.47%
Required: Determine the amount of average incomeltax liability per tax return, for each income range provided, using the information in the below 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. Under $15,000 30,714,603 $ 5,388,125 $ 532,117 9.88% Under $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 more Ranges of Adjusted Gross Income $15,000 to under $30,000 27,410,421 $ 189,345,926 $ 15,590,244 8.23% $30,000 to under $50,000 to under $50,000 $100,000 28,926,296 37,547,454 $ 1,912,925,663 $ 639,289,718 $ 215,589,667 $ 56,077,985 8.77% Item Number of returns Taxable income Total tax liability Average tax rate* The average tax rate is total tax liability divided by taxable income. 11.27% $100,000 to under $200,000 24,180,226 $ 2,687,818,279 $385,658,662 14.35% $200,000 or more 11,616,132 $ 6,249,265,422 $ 1,591,615,179 25.47%
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 32BEB
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