The table below shows an income tax schedule for the imaginary country of Republica. Kermit is a citizen of Republica who earns $82,000 per year at his job. Assume Kermit is not eligible for any deductions or exemptions. Marginal tax rate (%) 10 Taxable income $0-$15,000 $15,001-$30,000 $30,001-$75,000 $75,001-$155,000 $155,001+ 15 25 30 35 a. How much does Kermit pay in income tax? $ b. What is Kermit's marginal tax rate? c. What is his average tax rate?
The table below shows an income tax schedule for the imaginary country of Republica. Kermit is a citizen of Republica who earns $82,000 per year at his job. Assume Kermit is not eligible for any deductions or exemptions. Marginal tax rate (%) 10 Taxable income $0-$15,000 $15,001-$30,000 $30,001-$75,000 $75,001-$155,000 $155,001+ 15 25 30 35 a. How much does Kermit pay in income tax? $ b. What is Kermit's marginal tax rate? c. What is his average tax rate?
Chapter16: The Public Sector
Section: Chapter Questions
Problem 3SQ
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Please answer sections a-f.
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