Top Posters
Since Sunday
5
o
5
4
m
4
b
4
x
4
a
4
l
4
t
4
S
4
m
3
s
3
New Topic  
asprague24 asprague24
wrote...
Posts: 486
Rep: 9 0
4 years ago

Question 1.

If your income is $40,000 and you pay taxes of $4,650, what is your average tax rate? Show your work.



Question 2.

Table 18-10

Income Tax BracketTax Rate
on the first $6,000 of taxable income10%
on the next $14,000 of taxable income15%
on the next $24,500 of taxable income25%
on the next $30,500 of taxable income30%

Table 18-10 shows the income tax brackets and tax rates for single taxpayers in Bauxhall.



Refer to Table 18-10. A tax exemption is granted for the first $10,000 earned per year. Suppose you earn $75,000.

a.

What is the amount of taxes you will pay?

b.

What is your average tax rate?

c.

What is your marginal tax rate?
Textbook 
InMicro

InMicro


Edition: 1st
Authors:
Read 123 times
3 Replies
Replies
Answer verified by a subject expert
zachcarytcriszachcarytcris
wrote...
Posts: 364
4 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

asprague24 Author
wrote...
4 years ago
Appreciate the effort, thank you!
wrote...
4 years ago
thank you
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  983 People Browsing
Related Images
  
 343
  
 4416
  
 529