Use the information below to answer questions 1 and 2.

Liam prepares his tax return and estimates that his taxable income is $ 95,000.

1. Liams tax liability is:

2. Liams marginal and average tax rates are:

Tax Rate Taxable Income 10% 12% 22% 24% 32% 35% 37% Up to $9,700 $9,701 to $39,475 $39,476 to $84,200 $84,201 to $160,725 $160,726 to $204,100 $204,101 to $510,300 Over $510,300