Required: Determine the average amount of taxable income per tax return, for each of the ranges of taxable income provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Item Number of returns Taxable income Total tax liability Average tax rate* $50,000 28,925,996 $50,000 to under $100,000 37,547,154 $15,000 to under Ranges of Adjusted Gross Income $30,000 to under Under $15,000 $30,000 30,714,303 $5,382,125 27,410,121 $189,339,926 $533,617 9.91% $15,620,244 8.25% $ 56,377,985 8.82% $ 639,283,718 $ 1,912,919,663 $ 215,889,667 11.29% $100,000 to under $200,000 24,179,926 $ 2,687,812,279 $ 385,958,662 14.36% $200,000 or more 11,615,832 $ 6,249,259,422 $ 1,591,915,179 25.47% *The average tax rate is total tax liability divided by taxable income. Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to under $100,000 $100,000 to under $200,000 $200,000 or more
Required: Determine the average amount of taxable income per tax return, for each of the ranges of taxable income provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Item Number of returns Taxable income Total tax liability Average tax rate* $50,000 28,925,996 $50,000 to under $100,000 37,547,154 $15,000 to under Ranges of Adjusted Gross Income $30,000 to under Under $15,000 $30,000 30,714,303 $5,382,125 27,410,121 $189,339,926 $533,617 9.91% $15,620,244 8.25% $ 56,377,985 8.82% $ 639,283,718 $ 1,912,919,663 $ 215,889,667 11.29% $100,000 to under $200,000 24,179,926 $ 2,687,812,279 $ 385,958,662 14.36% $200,000 or more 11,615,832 $ 6,249,259,422 $ 1,591,915,179 25.47% *The average tax rate is total tax liability divided by taxable income. Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to under $100,000 $100,000 to under $200,000 $200,000 or more
Chapter4: Managing Income Taxes
Section: Chapter Questions
Problem 1DTM
Related questions
Question
Transcribed Image Text:Required:
Determine the average amount of taxable income per tax return, for each of the ranges of taxable income provided, using the
information in the below table. Taxable Income and Total Tax Liability are in thousands.
Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value.
Item
Number of returns
Taxable income
Total tax liability
Average tax rate*
$50,000
28,925,996
$50,000 to under
$100,000
37,547,154
$15,000 to under
Ranges of Adjusted Gross Income
$30,000 to under
Under $15,000
$30,000
30,714,303
$5,382,125
27,410,121
$189,339,926
$533,617
9.91%
$15,620,244
8.25%
$ 56,377,985
8.82%
$ 639,283,718
$ 1,912,919,663
$ 215,889,667
11.29%
$100,000 to under
$200,000
24,179,926
$ 2,687,812,279
$ 385,958,662
14.36%
$200,000 or more
11,615,832
$ 6,249,259,422
$ 1,591,915,179
25.47%
*The average tax rate is total tax liability divided by taxable income.
Under $15,000
$15,000 to under $30,000
$30,000 to under $50,000
$50,000 to under $100,000
$100,000 to under $200,000
$200,000 or more
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