Determine the amount of average income tax liability per tax return, for each income range 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. Ranges of Adjusted Gross Income Item 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 Number of returns 30,714,103 27,409,921 28,925,796 37,546,954 24,179,726 11,615,632 Taxable income $ 5,378,125 $ 189,335,926 $ 639,279,718 $ 1,912,915,663 $ 2,687,808,279 $ 6,249,255,422 Total tax liability $ 534,617 $ 15,640,244 $ 56,577,985 $ 216,089,667 $ 386,158,662 $ 1,592,115,179 Average tax rate*Footnote asterisk 9.94% 8.26% 8.85% 11.30% 14.37% 25.48% *Footnote asteriskThe average tax rate is total tax liability divided by taxable income.
Determine the amount of average income tax liability per tax return, for each income range 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. Ranges of Adjusted Gross Income Item 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 Number of returns 30,714,103 27,409,921 28,925,796 37,546,954 24,179,726 11,615,632 Taxable income $ 5,378,125 $ 189,335,926 $ 639,279,718 $ 1,912,915,663 $ 2,687,808,279 $ 6,249,255,422 Total tax liability $ 534,617 $ 15,640,244 $ 56,577,985 $ 216,089,667 $ 386,158,662 $ 1,592,115,179 Average tax rate*Footnote asterisk 9.94% 8.26% 8.85% 11.30% 14.37% 25.48% *Footnote asteriskThe average tax rate is total tax liability divided by taxable income.
Chapter15: Choice Of Business Entity—other Considerations
Section: Chapter Questions
Problem 73P
Related questions
Question
Determine the amount of average income tax liability per tax return, for each income range 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.
| Ranges of Adjusted Gross Income | ||||||
| Item | 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 |
|---|---|---|---|---|---|---|
| Number of returns | 30,714,103 | 27,409,921 | 28,925,796 | 37,546,954 | 24,179,726 | 11,615,632 |
| Taxable income | $ 5,378,125 | $ 189,335,926 | $ 639,279,718 | $ 1,912,915,663 | $ 2,687,808,279 | $ 6,249,255,422 |
| Total tax liability | $ 534,617 | $ 15,640,244 | $ 56,577,985 | $ 216,089,667 | $ 386,158,662 | $ 1,592,115,179 |
| Average tax rate*Footnote asterisk | 9.94% | 8.26% | 8.85% | 11.30% | 14.37% | 25.48% |
*Footnote asteriskThe average tax rate is total tax liability divided by taxable income.
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