2020 Tax Data Tax Bracket Marginal Tax Rate $0-9,875 10% $9,876-40, 125 12% $40,126-85,525 22% $85,526-163,300 24% $163,301-207,350 32% $207,351-618,400 35% Over $518,400 37% Compute the taxes on a taxable income of $200,000. Instructions: For part a, enter your response as a whole number. For part b, round your response to one decimal place. a. What is the marginal tax rate? 32 b. What is the nominal tax rate? 25.0

2020 Tax Data Tax Bracket Marginal Tax Rate $0-9,875 10% $9,876-40, 125 12% $40,126-85,525 22% $85,526-163,300 24% $163,301-207,350 32% $207,351-618,400 35% Over $518,400 37% Compute the taxes on a taxable income of $200,000. Instructions: For part a, enter your response as a whole number. For part b, round your response to one decimal place. a. What is the marginal tax rate? 32 b. What is the nominal tax rate? 25.0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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