1 Calculate Tax Liability What would be the tax liability
1. Calculate Tax Liability. What would be the tax liability for a single taxpayer who has a gross income of \$39,700?
2. Marginal Tax Rate. What would be the marginal tax rate for a single person who has a taxable income of (a) \$40,210, (b) \$47,800, (c) \$56,100, and (d) \$90,230?
3. Determine Tax Liability. Find the tax liabilities based on the taxable income of the following people: (a) married couple, \$74,125; (b) married couple, \$53,077; (c) single person, \$27,880; (d) single person, \$59,000.
4. Use Tax Rate Schedule. Benjamin Addai determined the following tax information: gross salary, \$60,000; interest earned, \$90; IRA contribution, \$1000; personal exemption, \$3950; and itemized deductions, \$5900. Calculate Benjamin’s taxable income and tax liability filing single.
5. Use Tax Rate Schedule. Samual Clark determined the following tax information: salary, \$144,000; interest earned, \$2000; qualified retirement plan contribution, \$7000; personal exemption, \$3950; itemized deductions, \$10,000. Filing single, calculate Samual’s taxable income and tax liability.
6. Review Figure on page 107 and comment on the logic of how different segments of Victoria’s income is taxed.

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