Question
Use the following tax brackets for taxable income: Bracket Tax Rate $0 - $10,000 15% $10,000 - $50,000 25% $50,000 - $250,000 30% over $250,000
Use the following tax brackets for taxable income:
Bracket | Tax Rate | |
$0 - $10,000 | 15% | |
$10,000 - $50,000 | 25% | |
$50,000 - $250,000 | 30% | |
over $250,000 | 35% |
Compute the average tax rate and marginal tax rate for the following taxable income amounts. For your average values, round the answers to 2 decimal places. Write 0's for the decimal places in your answers even if there are no decimal figures. For the marginal rate, there are no decimals.
ADD % signs after each of your answers.
A. taxable income of $45,000: Average , Marginal
B. taxable income of $150,000: Average , Marginal
C. taxable income of $250,000: Average , Marginal
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