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uppose the tax table for single individuals is given below: Taxable income Tax on base of bracket Rate on amount above base $0 - 10,000

uppose the tax table for single individuals is given below:

Taxable income

Tax on base of bracket

Rate on amount above base

$0 - 10,000

$0

10%

$10,000 - 40,000

$1,000

12%

$40,000 - 85,000

$4,600

22%

$85,000 - 160,000

$14,500

24%

$160,000 - 200,000

$32,500

32%

$200,000 - 500,000

$45,300

35%

$500,000 and up

$150,300

37%

Suppose Julios taxable income this year is $165,000. What is his marginal tax rate?

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