Question

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. (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		33,998,665				29,548,721				27,127,608				34,537,027				20,094,853				7,788,785
Taxable income	$	21,439,540			$	213,668,669			$	578,082,715			$	1,661,992,914			$	2,055,707,167			$	3,408,931,866
Total tax liability	$	1,891,136			$	18,881,170			$	59,565,261			$	218,856,282			$	343,280,695			$	945,200,723
Average tax rate*		8.82	%			8.84	%			10.30	%			13.17	%			16.70	%			27.73	%

*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

Answer 1

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