Estimate Mr. Arango's tax liability in 2022.

1b) What is Mr. Arango's marginal tax rate?

1c) What is Mr. Arango's average tax rate?

 
1d) Estimate Ms. Wayne's tax liability in 2022.

1f) What is Ms. Wayne's average tax rate?

   

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Ms. Arango and Ms. Wayne have been dating for a long time. They are now living together, filing their taxes as individual taxpayers and are contemplating marriage. They asked you to examine their finances and give them some tax planning advice. You have the following information about their annual incomes: Mr. Arango's 2022 income Salary $121,000 Interest income $49,500 $142,000 $2,500 Ms. Wayne's 2022 income: Income from a business Rental Income The IRS provides you with the following tax tables: Ms. Arango and Ms. Wayne have been dating for a long time. They are now living together, filing their taxes as individual taxpayers and are contemplating marriage. They asked you to examine their finances and give them some tax planning advice. You have the following information about their annual incomes: Mr. Arango's 2022 income Salary $121,000 Interest income $49,500 $142,000 $2,500 Ms. Wayne's 2022 income: Income from a business Rental Income The IRS provides you with the following tax tables:

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To estimate Mr Arangos tax liability in 2022 we need to calculate his taxable income and apply the tax rates based on the provided tax brackets Lets calculate it step by step 1 Calculate Mr Arangos to... View the full answer