Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

John recently filed his taxes and decided to look over his tax return. John sees that he had taxable income of $36,500 and that he

John recently filed his taxes and decided to look over his tax return. John sees that he had taxable income of $36,500 and that he paid 5,800 in federal taxes. He knows that his marginal tax rate is 25%. What is John's average tax rate?

15.9%

25%

100%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions