2. Using the following Income Tax data, and given that your annual income is $ 85,000: a) Calculate the total tax (in $); b) The average tax rate (%); c) The marginal tax rate (%); and d) What is the classification of this taxation system? Income ($) Tax Rate (%) 0 - 60 000 60 001 - 70 000 10 70 001 - 100 000 Over 100 000 15 17
2. Using the following Income Tax data, and given that your annual income is $ 85,000: a) Calculate the total tax (in $); b) The average tax rate (%); c) The marginal tax rate (%); and d) What is the classification of this taxation system? Income ($) Tax Rate (%) 0 - 60 000 60 001 - 70 000 10 70 001 - 100 000 Over 100 000 15 17
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 43P
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