esRequired:Determine the amount of average income tax liability per tax return, for each income range provided, using the information in thebelow 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.ItemNumber of returnsTaxable incomeTotal tax liabilityAverage tax rate*Ranges of Adjusted Gross Income$15,000 to under$30,00027,410,421$ 189,345,926$ 15,590,244Under $15,00030,714,603$ 5,388,125$ 532,1179.88%*The average tax rate is total tax liability divided by taxable income.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$30,000 to under $50,000 to under$50,000$100,00037,547,45428,926,296$ 1,912,925,663$ 639,289,718$215,589,667$56,077,9858.23%8.77%11.27%$100,000 to under$200,00024,180,226$ 2,687,818, 279$385,658,66214.35%$200,000 or more11,616,132$ 6,249,265,422$ 1,591,615, 17925.47%

Average income liability per income tax return = Total tax libilities/No. of returns.Amount of total…

Required: Determine the amount of average incomeltax 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. Under $15,000 30,714,603 $ 5,388,125 $ 532,117 9.88% 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 Ranges of Adjusted Gross Income $15,000 to under $30,000 27,410,421 $ 189,345,926 $ 15,590,244 8.23% $30,000 to under $50,000 to under $50,000 $100,000 28,926,296 37,547,454 $ 1,912,925,663 $ 639,289,718 $ 215,589,667 $ 56,077,985 8.77% Item Number of returns Taxable income Total tax liability Average tax rate* The average tax rate is total tax liability divided by taxable income. 11.27% $100,000 to under $200,000 24,180,226 $ 2,687,818,279 $385,658,662 14.35% $200,000 or more 11,616,132 $ 6,249,265,422 $ 1,591,615,179 25.47%

Required: Determine the amount of average incomeltax 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. Under $15,000 30,714,603 $ 5,388,125 $ 532,117 9.88% 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 Ranges of Adjusted Gross Income $15,000 to under $30,000 27,410,421 $ 189,345,926 $ 15,590,244 8.23% $30,000 to under $50,000 to under $50,000 $100,000 28,926,296 37,547,454 $ 1,912,925,663 $ 639,289,718 $ 215,589,667 $ 56,077,985 8.77% Item Number of returns Taxable income Total tax liability Average tax rate* The average tax rate is total tax liability divided by taxable income. 11.27% $100,000 to under $200,000 24,180,226 $ 2,687,818,279 $385,658,662 14.35% $200,000 or more 11,616,132 $ 6,249,265,422 $ 1,591,615,179 25.47%

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 32BEB

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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.
Required: Determine the average amount of taxable income per tax return, for each of the ranges of taxable income 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. Item Number of returns Taxable income Total tax liability Average tax rate* $50,000 28,925,996 $50,000 to under $100,000 37,547,154 $15,000 to under Ranges of Adjusted Gross Income $30,000 to under Under $15,000 $30,000 30,714,303 $5,382,125 27,410,121 $189,339,926 $533,617 9.91% $15,620,244 8.25% $ 56,377,985 8.82% $ 639,283,718 $ 1,912,919,663 $ 215,889,667 11.29% $100,000 to under $200,000 24,179,926 $ 2,687,812,279 $ 385,958,662 14.36% $200,000 or more 11,615,832 $ 6,249,259,422 $ 1,591,915,179 25.47% *The average tax rate is total tax liability divided by taxable income. Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to…
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