Question
Suppose Cameron earns $60,000 per year but must pay income taxes according to the tax schedule given in the table to the right. According to
Suppose Cameron earns $60,000 per year but must pay income taxes according to the tax schedule given in the table to the right.
According to the chart, the income tax Cameron faces is a progressive tax
Assume Cameron has no tax exemptions or deductions. How much in income taxes must Cameron pay?
Cameron must pay $ in income taxes. (Enter your response as a whole number)
Assume Cameron has no tax exemptions or deductions. What is his marginal tax rate? What is his average tax rate?
Cameron's marginal tax rate is % and his average tax rate is %. (Enter your responses as whole numbers)
Income Tax Rate (%) $0 to $9,000 10 $9.001 to $34,000 15 $34 001 to $65,000 25 $65,001 to $145,000 30 $145,001 and up 40Step by Step Solution
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