Question
The Smith family determined their taxable income for last year was $155,000. They live in a state that has a tax rate of 14.25% on
The Smith family determined their taxable income for last year was $155,000. They live in a state that has a tax rate of 14.25% on their taxable income. Assuming the family is in the 28% federal tax bracket, their total effective tax rate is [A]%.
Write your answer with 2 decimal places. Do NOT use a % sign in your answer - otherwise it will not match exactly.
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Foundations Of Financial Management
Authors: Stanley B. Block, Geoffrey A. Hirt, Bartley R. Danielsen
13th Edition
0073382388, 978-0073382388
