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Calculating Taxable income Taxable income Rate $0 - 59,525 10

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Calculating Taxable income Taxable income Rate $0 - 59,525 10.0% 12.0% 22.0% 24.0% $9,526 - $38,700 $38,701 - $82,500 $82,501 - $157,500 $157,501 - $200,000 $200,001 $500,000 $500,001 or more 32.0% 35.0% 37% Using the previous tax table, compute the tax hability for the individual in the scenario presented, rounding the ability to the nearest dollar. In addition, use the dropdown lists to identify the marginal tax rate and average tax rate for the individual in the scenario, Lorenzo's Tax Scenario Lorenzo is a professional with taxable income of $50,200. What is Lorenzo's total tax liability? (Note: Round your answer to the nearest cent, if necessary.) What is Lorenzo's top marginal tax rate? What is Lorenzo's average tax rate?