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whatsupgirl16 whatsupgirl16
wrote...
Posts: 319
A week ago

Question 1.

If your income is $92,000 and you pay taxes of $19,475, what is your average tax rate? Show your work.



Question 2.

If you pay $3,000 in taxes on an income of $28,000, and $4,450 in taxes on an income of $38,000, what is your marginal tax rate? Show your work.

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NashuaNashua
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Posts: 291
A week ago
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Answer 1

Average tax rate = $19,475/$92,000 = 0.21168 or 21.168 percent.



Answer 2

Marginal tax rate = ($4,450 - $3,000)/($38,000 - $28,000) = 0.145 or 14.5 percent.

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