Question
Problem 2-5 Calculating Taxes [LO3] Timmy Tappan is single and had $179,000 in taxable income. Using the rates from Table 2.3 in the chapter, calculate
Problem 2-5 Calculating Taxes [LO3]
| Timmy Tappan is single and had $179,000 in taxable income. Using the rates from Table 2.3 in the chapter, calculate his income taxes. |
| a. | What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) |
| b. | What is the marginal tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to the nearest whole number, e.g., 32.) |
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Urban Public Finance
Authors: D. Wildasin
1st Edition
0415851882, 978-0415851886
