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Homework answers / question archive / 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
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
Under $15,000 to $30,000 to $50,000 to $100,000 to $200,000 or Item $15,000 under $30,000 under $50,000 under $100,000 under $200,000 more Number of returns 35,605,308 30,115,825 26,587,295 32,915,012 18,666,688 6,819,128 Taxable income $21,584,760 $212,188,621 $562,887,883 $1,584,180,675 $1,907,688,468 $3,045,191,915 Total tax liability S 1,947,620 $ 18,430,610 $ 57,760,393 $ 206,430,672 $ 318,389,840 $ 851,783,245 Average tax rate. 9.02% 8.69% 10.26% 13.03% 16.69% 27.97%