Question: May I please get some help with this tax problem? Calculation of Tax Liability, Marginal, Average and Effective Tax Rates (LO.1) Susan is single with

May I please get some help with this tax problem?

May I please get some help with this tax problem? Calculation ofTax Liability, Marginal, Average and Effective Tax Rates (LO.1) Susan is single

Calculation of Tax Liability, Marginal, Average and Effective Tax Rates (LO.1) Susan is single with a gross income of $120,000 and a taxable income of $98,000. In calculating gross income, she properly excluded $10,000 of tax-exempt interest income a. The marginal tax rate is the rate of tax that would be paid on the next dollar of income b. The average tax rate is the rate of tax paid on the total tax base c. The effective tax rate is the rate of tax paid on all income. Instructions: Do not round intermediate computations. Round final answers to two decimal places. Refer to the tax rate schedule for calculations. d. Susan's total tax is x96, X Her marginal tax rate is X %, and, effective tax rate is average tax rate is X 9% Feedback Table 1-2 2018 Tax Rate Schedules Single Taxpayers If Taxable Income Is Over But Not Over The Tax Is Of the Amount Over 9,525 38,700 82,500 157,500 200,000 500,000 9,525 38,700 82,500 $157,500 200,000 500,000 10% 952.50 + 12% 4,453.50 22% 14,089.50 24% 32,089.50 + 32% 45,689.50 + 35% 150,689.50 37% 9,525 38,700 82,500 157,500 200,000 500,000 Married Taxpayers Filing Jointly and Surviving Spouse If Taxable Income Is Over But Not Over The Tax Is Of the Amount Over 19,050 77,400 165,000 315,000 400,000 600,000 19,050 77,400 165,000 315,000 400,000 600,000 10% 1,905 + 12% 8,907 + 22% 28,179 + 24% 64,179 + 32% 91,379 + 35% 161,379 + 37% 19,050 77,400 165,000 315,000 400,000 600,000 Corporate Tax Rate Schedule If Taxable Income Is Over But Not Over The Tax Is Of the Amount Over $ unlimited 21%

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