Calculating Taxable Income Taxable income Rate $0-$9,525 10.0% $9,526 $38,700 12.0% $38,701-$82,500 22.0% $82,501-$157,500 24.0% $157,501-$200,000 32.0% $200,001-$500,000 35.0% $500,001 or more 37% Using the previous tax table, compute the tax liability for the individual in the scenario presented, rounding the liability 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. Edison's Tax Scenario Edison is a young professional with taxable income of $87,500 as an advertising account executive.
Using the previous tax table, compute the tax liability for the individual in the scenario presented, rounding the liability 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. Edison's Tax Scenario Edison is a young professional with taxable income of $87,500 as an advertising account executive. What is Edison's total tax liability? What is Edison's top marginal tax rate? What is Edison's average tax rate? TOTAL SCORE: 6/6 (Note: Round your answer to the nearest cent, if necessary.) Gride Ship 1
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