Tax Liability, Marginal Rate and Average Rate

Tax Liability, Marginal Rate and Average Rate

Question # 00608640 Posted By: katetutor Updated on: 10/28/2017 06:05 AM Due on: 10/28/2017
Subject Accounting Topic Accounting Tutorials:
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Tax Liability, Marginal Rate and Average Rate
Jack has taxable income of $65,000. He is a single tax filer, and his federal income tax rates on the first $8,350 is 10 percent; it is 15 percent on income from $8,350 to $33,950 and 25 percent on income from $33,950 up to $82,250.

What is Jack's federal income tax liability; what is his marginal rate and why would he care? Finally, what is his average federal tax rate?
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    Tutorial # 00607180 Posted By: katetutor Posted on: 10/28/2017 06:06 AM
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