Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Using this table, what would be the average tax rate for a single person making $50,000 Taxable Income (dollars) Single Taxpayers Taxable Income (dollars) Married
Using this table, what would be the average tax rate for a single person making $50,000
Taxable Income (dollars) Single Taxpayers | Taxable Income (dollars) Married Taxpayers Filing Joint Returns | Marginal Tax Rate |
0 to 9,950 | 0 to 19,900 | 10% |
9,950 to 40,525 | 19,900 to 81,050 | 12% |
40,525 to 86,375 | 81,050 to 172,750 | 22% |
86,375 to 164,925 | 172,750 to 329,850 | 24% |
164,925 to 209,425 | 329,850 to 418,850 | 32% |
209,425 to 523,600 | 418,850 to 628,300 | 35% |
523,600 and above | 628,300 and above |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started