Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Taxable income Tax Rate 10% TABLE 2.3 Personal tax rates for 2018 (unmarried Individuals) 12 $ 0- 9,525 9,525- 38,700 38,700- 82,500 82,500- 157,500 157,500-

image text in transcribedimage text in transcribed

Taxable income Tax Rate 10% TABLE 2.3 Personal tax rates for 2018 (unmarried Individuals) 12 $ 0- 9,525 9,525- 38,700 38,700- 82,500 82,500- 157,500 157,500- 200,000 200,000- 500,000 500,000+ 22 24 32 35 37 Duela Dent is single and had $195,200 in taxable income. Use the rates from Table 2.3. 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? (Enter your answer as a percent rounded to the nearest whole number, e.g., 32.) % a. Average tax rate b. Marginal tax rate 32 %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Finance For Development

Authors: Barbara Stallings

1st Edition

0815780850, 978-0815780854

More Books

Students also viewed these Finance questions