Question: Click here to access the 2 0 2 4 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round

Click here to access the 2024 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e.,.67073 would be rounded to .6707 and entered as 67.07%).
a. Chandler, who files as a single taxpayer, has taxable income of $142,200.
Tax liability: $fill in the blank 1
Marginal rate: fill in the blank 2%
Average rate: fill in the blank 3%
b. Lazare, who files as a head of household, has taxable income of $72,000.
Tax liability: $fill in the blank 4
Marginal rate: fill in the blank 5%
Average rate: fill in the blank 62024 Tax Rate Schedules
\table[[Single-Schedule X,Head of household-Schedule Z],[\table[[If taxable],[income is:],[Over-]],\table[[But not],[over-]],The tax is:,\table[[of the],[amount],[over-]],\table[[If taxable],[income is:],[Over-]],\table[[But not],[over-]],,The tax is:,\table[[of the],[amount],[over-]]],[$ 0,$ 11,600,.........10%,$ 0,$ 0,$ 16,550,,.........10%,$ 0],[11,600,47,150,$ 1,160.00+12%,11,600,16,550,63,100,$,1,655.00+12%,16,550],[47,150,100,525,5,426.00+22%,47,150,63,100,100,500,,7,241.00+22%,63,100],[100,525,191,950,17,168.50+24%,100,525,100,500,191,950,,15,469.00+24%,100,500],[191,950,243,725,39,110.50+32%,191,950,191,950,243,700,,37,417.00+32%,191,950],[243,725,609,350,55,678.50+35%,243,725,243,700,609,350,,53,977.00+35%,243,700],[609,350,,183,647.25+37%,609,350,609,350,,,181,954.50+37%,609,350],[\table[[Married filing jointly or Qualifying widow(er)],[Schedule Y-1]],Married filing separately-Schedule Y-2],[\table[[If taxable],[income is:],[Over-]],\table[[But not],[over-]],The tax is:,\table[[of the],[amount],[over-]],\table[[If taxable],[income is:],[Over-]],\table[[But not],[over-]],,The tax is:,\table[[of the],[amount],[over-]]],[$ 0,$ 23,200,.........10%,$ 0,$ 0,$ 11,600,,.........10%,$ 0],[23,200,94,300,$ 2,320.00+12%,23,200,11,600,47,150,,1,160.00+12%,11,600],[94,300,201,050,10,852.00+22%,94,300,47,150,100,525,,5,426.00+22%,47,150],[201,050,383,900,34,337.00+24%,201,050,100,525,191,950,,17,168.50+24%,100,525],[383,900,487,450,78,221.00+32%,383,900,191,950,243,725,,39,110.50+32%,191,950],[487,450,731,200,111,357.00+35%,487,450,243,725,365,600,,55,678.50+35%,243,725],[731,200,.........,196,669.50+37%,731,200,365,600,,,98,334.75+37%,365,600]]
 Click here to access the 2024 tax rate schedule. If required,

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!