Timmy Tappan is single and had $199,000 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.)

a. Average tax rate_________%

b. Marginal tax rate_________%

Table 2.3 Personal Tax Rates for 2020 (Unmarried Individuals)

Taxable Income	Tax Rate
$ 0–9,875	10%
9,875–40,125	12
40,125–85,525	22
85,525–163,300	24
163,300–207,350	32
207,350–518,400	35
518,400+	37