Determine the average amount of taxable income per tax return, for each of the ranges of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Determine the average amount of taxable income per tax return, for each of the ranges of taxable income 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. Iten Number of returns Taxable income Total tax liability Average tax rates Under $15,000 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 39,283,802 $6,952,629 $791,732 Ranges of Adjusted Gross Income $30,000 to under $50,000 $791,732,000 $15,000 to under $30,000 11.39% "The average tax rate is total tax liability divided by taxable income. 27,765,909 $193,277,768 $15, 165,011 7.85% 28,848,637 $ 605,974,808 $ 51,825,871 8.55% $50,000 to under $100,000 38,126,449 $ 1,757,247,416 $ 189,698,777 10.80% $100,eee to under $200,000 24,598,838 $ 2,308,040,171 $ 321,324,367 13.924 $200,000 or more 12,249,402 $3,868,687,623 $ 909,907,543 23.52% Determine the average amount of taxable income per tax return, for each of the ranges of taxable income 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. Iten Number of returns Taxable income Total tax liability Average tax rates Under $15,000 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 39,283,802 $6,952,629 $791,732 Ranges of Adjusted Gross Income $30,000 to under $50,000 $791,732,000 $15,000 to under $30,000 11.39% "The average tax rate is total tax liability divided by taxable income. 27,765,909 $193,277,768 $15, 165,011 7.85% 28,848,637 $ 605,974,808 $ 51,825,871 8.55% $50,000 to under $100,000 38,126,449 $ 1,757,247,416 $ 189,698,777 10.80% $100,eee to under $200,000 24,598,838 $ 2,308,040,171 $ 321,324,367 13.924 $200,000 or more 12,249,402 $3,868,687,623 $ 909,907,543 23.52%
Expert Answer:
Answer rating: 100% (QA)
To determine the average amount of taxable income per tax return for each range of taxable income we ... View the full answer
Related Book For
Fundamentals Of Taxation 2015
ISBN: 9781259293092
8th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
Posted Date:
Students also viewed these business communication questions
-
Thirty-one-year-old Robert Murphy has the best intentions to participate in team meetings, but when its game time, he chokes. An online marketing representative, Robert cannot be criticized for lack...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Below is list of ethical principles that a business might follow. Think of a situation where following each might not necessarily be the right thing. a. Follow contracts to the letter. b. Never...
-
Green was the owner of a large department store. On Wednesday, January 26, he talked to Smith and said, I will hire you as sales manager in my store for one year at a salary of $48,000; you are to...
-
A unity negative feedback system has the loop transfer function Gc(s)G(s) = s + 1 / s3 + 4s2 + 6s + 10. Develop an m-file to determine the closed-loop transfer function and show that the roots of the...
-
At the end of its fiscal year, the trial balance for Roosevelt Cleaners, Inc., appears as follows: The following information is also available: a. A study of the companys insurance policies shows...
-
VaultOnWheels Corporation operates a fleet of armored cars that make scheduled pickups and deliveries for its customers in the Phoenix area. The company is implementing an activity-based costing...
-
I get overwhelmed and distress sitting in my room longer amount of time with studying. I barely go out and stay inside almost all day. I sometimes exercise and go for walk. Would suggest any thing...
-
The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2013 fiscal year. The June 30, 2012, credit balance of the owners capital account was $53,660, and the owner...
-
Entering a large market such as China before other similar industries will be associated with what? a. franchising b. late mover advantages C. licensing d. exporting e. a high level of risk
-
Introduction: Spuds Snacks is a renowned potato chip manufacturer that has gained significant success and popularity in the domestic market. With the goal of expanding its business and reaching new...
-
Summarize the importance of including a personal development plan in the adaptive leadership toolkit and the value it will bring to the organization. How does the personal development plan support...
-
Bright Tiles is a small distributor of marble tiles. Bright identifies its three major activities and cost pools as ordering, receiving and storage, and shipping, and it reports the following details...
-
Question 1- Develop an ideal customer profile for three Dell (or your) customer groups (a Wholesaler, a global business, and a consumer). Use the information on this slide Links to an external site....
-
The purpose of normalization is to reduce or eliminate anomalies in the data. These anomalies can have a negative impact on data integrity when steps are not taken to manage redundancies. Address the...
-
5 Graph the line with each y intercept and slope 1 a y intercept is 1 slope is b y intercept c y intercept 2 is 5 slope is 2 is 4 slope is 4 d y intercept is 0 slope is 22 3
-
Juanita owns a home in Richardson, TX. She purchases a Homeowners Policy (HO-3) from Farm State Ins. Co. The policy provides $100,000 in liability coverage (coverage E) and $5,000 in Med Pay coverage...
-
For a tax to be deductible as an itemized deduction, what three tests are required?
-
Using the information from Problem 54, calculate the amount of tax liability in each instance. In problem a. Book income of $50,000 including capital gains of $2,000, a charitable contribution of...
-
In 2012 Jessica bought a new truck for $45,000 to use 80% for her sole proprietorship. Total miles driven include 12,000 in 2012, 14,500 in 2013, and 13,000 in 2014. a. If Jessica uses the standard...
-
Selected transactions for Neve Campbell Company during its first month in business are presented below. Sept. 1 Invested $10,000 cash in the business in exchange for common stock. 5 Purchased...
-
Food To Go is a local catering service. Conceptually, when should Food To Go recognize revenue from its catering service? a. At the date the invoice is mailed to the customer b. At the date the...
-
The accounts in the ledger of Speedy Delivery Service contain the following balances on July 31, 2006. Instructions Prepare a trial balance with the accounts arranged as illustrated in the chapter...
Study smarter with the SolutionInn App