Using the chart provided compute the total taxes, average tax rate, and marginal tax rate for an individual with the taxable income specified: 1. Taxable Income = $128,603 Taxable Income Tax Rate Taxable Amount Incremental Taxes $0 - $9,525 10% $9,525 - $38,700 12% $38,700 - $82,500 22% $82,500 - $157,500 24% 32% $157,500 - $200,000 $200,000 - $500,000 35% $500,000 - or more 37% Total Taxes Average Tax Rate Marginal Tax Rate