Assignment:
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 dollars rounded 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 |
|
36,181,194 |
|
|
|
30,321,571 |
|
|
|
26,110,889 |
|
|
|
32,327,738 |
|
|
|
17,534,600 |
|
|
|
6,210,595 |
|
|
| Taxable income |
$ |
22,125,213 |
|
|
$ |
213,795,812 |
|
|
$ |
553,217,626 |
|
|
$ |
1,558,146,414 |
|
|
$ |
1,787,498,797 |
|
|
$ |
2,784,889,814 |
|
|
| Total tax liability |
$ |
1,871,128 |
|
|
$ |
18,569,250 |
|
|
$ |
56,359,918 |
|
|
$ |
201,900,692 |
|
|
$ |
297,957,670 |
|
|
$ |
781,434,510 |
|
|
| Average tax rate |
|
8.46 |
% |
|
|
8.69 |
% |
|
|
10.19 |
% |
|
|
12.96 |
% |
|
|
16.67 |
% |
|
|
28.06 |
% |
|
|
Provide complete and step by step solution for the question and show calculations and use formulas.