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Country A levies an individual income tax with the following rate structure: Percentage Rate Bracket 10% Income from 0 to $20,000 15 Income from $20,001
Country A levies an individual income tax with the following rate structure:
Percentage Rate | Bracket |
---|---|
10% | Income from 0 to $20,000 |
15 | Income from $20,001 to $75,000 |
25 | Income from $75,001 to $160,000 |
30 | Income in excess of $160,000 |
Required:
- Mr. Levis taxable income is $46,000. Compute his tax and average tax rate. What is Mr. Levis marginal tax rate?
- Ms. Jinns taxable income is $259,200. Compute her tax and average tax rate. What is Ms. Jinns marginal tax rate?
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