Given the following marginal tax rates and income brackets, calculate the effective tax rate for an individual earning $80,000 in income. Marginal Tax Rate Taxable Income Bracket 10% Up to $20,000 15% $20,001-$35,000 20% $35,001-$55,000 30% $55,001-$80,000 45% $80,001-$120,000
Given the following marginal tax rates and income brackets, calculate the effective tax rate for an individual earning $80,000 in income. Marginal Tax Rate Taxable Income Bracket 10% Up to $20,000 15% $20,001-$35,000 20% $35,001-$55,000 30% $55,001-$80,000 45% $80,001-$120,000
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter11: Fiscal Policy And The Federal Budget
Section: Chapter Questions
Problem 4WNG
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Transcribed Image Text:Given the following marginal tax rates and income brackets, calculate the effective tax rate for an individual
earning $80,000 in income.
Marginal Tax Rate
Taxable Income Bracket
10%
Up to $20,000
15%
$20,001-$35,000
20%
$35,001-$55,000
30%
$55,001-$80,000
45%
$80,001-$120,000
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