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Calculation of tax liability and marginal

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Question 1: Calculation of Tax Liability, Marginal, Average and Effective Tax Rates

Point 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.

Instructions: Do not round intermediate computations. Round final answers to two decimal places. Refer to the tax rate schedule for calculations.

  1. Susan's total tax is $___________. Her marginal tax rate is ________%, average tax rate is _________%, and, effective tax rate is _________%.

Reference no: EM132474194

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