Determine the average amount of taxable income

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Reference no: EM131800268

Problem: 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%

Reference no: EM131800268

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