Question

Refer to the individual rae schedules in Appendix C a. What are the tax liability income? he marginal tax rate, and the average tax rate for a married couple filing jointly with $65,900 taxable b. What are the tax liability, he marginal tax rate, and the average tax rate for a single individual with $192,800 taxable income? c. What are the tax liability, the marginal tax rate, and the average tax rate for a head of household with $460,300 taxable income? Complete this question by entering your answers in the tabs below. Required C Required A Required B What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $65,900 taxable income? (Round final "Tax liability" to the nearest whole dollar and "Average tax rate" to 2 decimal places.) Tax liability Marginal tax rate Average tax rate Required B > Required A

Answer 1

a)	Married Couple filing jointly
	2019 Federal Income Tax Brackets & Rates(Married Couple filing jointly)
	0-19400=	10%
	19401-78950=	12%
	Tax liability=($19400*10%)+($65900-$19400)*12%	$                    7,520.00
	Average tax rate=Taxes Paid/Income
	Taxes Paid=(A)	$                    7,520.00
	Income=(B)	$                 65,900.00
	Average tax rate=(A)/(B)	11.41%
	Marginal Tax rate=Change in taxes paid to the next dollar of income
	If Taxable income=	$                 65,901.00
	Tax Liability=($19400*10%)+($65901-19400)*12%	$                    7,520.12
	Marginal tax rate=Change in taxes paid/Change in Income=($7520.12-$7520)/($65901-$65900)	12%
	Tax liability	7520
	Marginal Tax rate	12%
	Average Tax rate	11.41%