I will rate accordingly. Typed and correct answer please. Part 1What would be your federal income tax if your taxable income was $117,000.00?SWhat is the average tax rate for $117,000.00 in taxable income?PartHow much tax would you owe if your income increased by $25,000 to $142,000.00?SWhat would be your average tax rate with $142,000.00 of taxable income? PRACTICE WHAI TƯUUsing the 2019 marginal tax rates provided in the table below, find the marginal and average tax rates for the incomes shown. Give all answers to twodecimals.Taxable IncomeTax rate$০-$9.700$9,701-$39,47510%12$39,476-$84,20022$84,201-160,7252432$160,726-$204,10035$204,101-$S10.,30037Over $510,30O1st attempt

Tax is a liability calculated on the income earned by an individual or company and paid to the…

Answered: What would be your federal income tax…

What would be your federal income tax if your taxable income was $117,000.00? S What is the average tax rate for $117,000.00 in taxable income?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter2: The Domestic And International Financial Marketplace

Section2.A: Taxes

Problem 3P

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Question

I will rate accordingly. Typed and correct answer please.

Part 1
What would be your federal income tax if your taxable income was $117,000.00?S
What is the average tax rate for $117,000.00 in taxable income?
Part
How much tax would you owe if your income increased by $25,000 to $142,000.00?S
What would be your average tax rate with $142,000.00 of taxable income?

PRACTICE WHAI TƯU
Using the 2019 marginal tax rates provided in the table below, find the marginal and average tax rates for the incomes shown. Give all answers to two
decimals.
Taxable Income
Tax rate
$০-$9.700
$9,701-$39,475
10%
12
$39,476-$84,200
22
$84,201-160,725
24
32
$160,726-$204,100
35
$204,101-$S10.,300
37
Over $510,30O
1st attempt

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