Compute the tax liability using the tax rate table

Reference no: EM131736317

Assignment

Another client, Ms. Dunham, has asked you to help her understand how her tax is computed. You need to provide Ms. Dunham with the following:

• An example of how to calculate the tax liability using the tax rate table and the tax rate formula for a taxpayer with taxable income of $55,000, filing status married filing jointly.

• An explanation of the marginal tax rate and average tax rates for this tax payer.

Be clear in our elaborations that Ms. Dunham, a person with no business or tax background, can understand.

Reference no: EM131736317

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