# Problem 1-38 (LO 1-1) Determine the average amount of taxable income per tax return, for each of the ranges of taxable income

Problem 1-38 (LO 1-1)

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.)

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Problem 1-38 (LO 1-1) Determine the average amount of taxable income per tax return, for each of the ranges of taxable income
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 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 %

In each case the average taxable income per return is calculated by dividing total taxable income by the number of tax returns.

Under \$15,000 = 22,125,213,000 / 36,181,194 = \$ 611.5114

\$15,000 to Under \$30,000 = 213,795,812,000 / 30,321,571 = \$ 7050.95

\$30,000 to Under \$50,000 = 553,217,626,000 / 26,110,889 = \$ 21187.24

\$50,000 to Under \$100,000 = 1,558,146,414,000 / 32,327,738 = \$ 48198.44

\$100,000 to Under \$200,000 = 1,787,498,797,000 / 17,534,600 = \$ 101941.24

\$200,000 or more = 2,784,889,814,000 / 6,210,595 = \$ 448409.50

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