40 Question 2 25 points 42 Jack is single and has two dependent children under the age of 18 . He files his taxes as a head- 43 of-household and does not itemize his deductions. Jack's annual pre-tax income in his current 44 position is $230,000. Federal Income Tax withheld by his employer was $45,000. Compute the 45 following (Do not consider employment taxes): 46 Taxable Income 48 Total Tax Credits 51 Income Tax Liability 54 Net Tax Due or Tax Refund 57 Marginal Tax Rate 60 61 62 Average Tax Rate 40 Question 2 25 points 42 Jack is single and has two dependent children under the age of 18 . He files his taxes as a head- 43 of-household and does not itemize his deductions. Jack's annual pre-tax income in his current 44 position is $230,000. Federal Income Tax withheld by his employer was $45,000. Compute the 45 following (Do not consider employment taxes): 46 Taxable Income 48 Total Tax Credits 51 Income Tax Liability 54 Net Tax Due or Tax Refund 57 Marginal Tax Rate 60 61 62 Average Tax Rate