3. Suppose the Lee family, which includes two adults and two dependent children, ends up with...

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3. Suppose the Lee family, which includes two adults and two dependent children, ends up with a gross annual income of $113,000 for 2023. Assume that with two children under age 17 the Lee's can claim a total child tax credit of $4,000 ($2,000 for each child). In 2023, Rachel Lee had $2,000 of her income automatically deposited into a 401k defined contribution savings plan provided by her employer. Using Google (or other search engine) to locate needed 2023 (filing in 2024) tax-rate information (married filing jointly), answer the tax questions below. a. The standard deduction for the Lee family is: $ bensteb-xs) b. The Lee family adjusted gross income is: $ (Show your calculation) c. The Lee family taxable income is: espero ter d. Lee household tax liability is: S (Show your calculation) sest aceeas of grinniped 16 21sau biso libero amed S S (Show your calculation) fibero a prieu to oegeliving erit not begnario ed bluoda eneau songinevno xnid! uoy o e. The Lee's average tax rate is: (as a % of total gross income) nabi eirit no colloquoy viiteul vitsha Sbiso % (Show calculation) f. The Lee's marginal tax rate is: % g. Is the marginal tax rate greater than, equal to, or less than the average tax rate? Briefly, explain why. 3. Suppose the Lee family, which includes two adults and two dependent children, ends up with a gross annual income of $113,000 for 2023. Assume that with two children under age 17 the Lee's can claim a total child tax credit of $4,000 ($2,000 for each child). In 2023, Rachel Lee had $2,000 of her income automatically deposited into a 401k defined contribution savings plan provided by her employer. Using Google (or other search engine) to locate needed 2023 (filing in 2024) tax-rate information (married filing jointly), answer the tax questions below. a. The standard deduction for the Lee family is: $ bensteb-xs) b. The Lee family adjusted gross income is: $ (Show your calculation) c. The Lee family taxable income is: espero ter d. Lee household tax liability is: S (Show your calculation) sest aceeas of grinniped 16 21sau biso libero amed S S (Show your calculation) fibero a prieu to oegeliving erit not begnario ed bluoda eneau songinevno xnid! uoy o e. The Lee's average tax rate is: (as a % of total gross income) nabi eirit no colloquoy viiteul vitsha Sbiso % (Show calculation) f. The Lee's marginal tax rate is: % g. Is the marginal tax rate greater than, equal to, or less than the average tax rate? Briefly, explain why.