Review the list of taxable income amounts below:

Requirements

Dialog content starts Based on the amounts of taxable income provided, compute the federal income tax payable in 2020 on each amount assuming the taxpayers are married filing a joint return. Also, for each amount of taxable income, compute the average tax rate and the marginal tax rate.

 

Income amounts

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Reference

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Taxable income of $47,000. (Do not round intermediary calculations. Only round the amount you input in the federal income tax payable cell to the nearest cent, $X.XX. Round all tax rates to the nearest hundredth percent, X.XX%.)

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Taxable income of $47,000. Taxable income of $110,000. Taxable income of $365,000. Taxable income of $630,000. Taxable income of $47,000. Taxable income of $110,000. Taxable income of $365,000. Taxable income of $630,000.

Answer rating: 100% (QA)

To calculate the federal income tax payable average tax rate and marginal tax rate for the given tax... View the full answer