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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Use the following table to answer questions 1–4:

images

4. What is the average tax rate of someone with a taxable income of $13,766?

To determine

Identify the average rate of tax.

Explanation

The average tax rate can be calculated using the formula given below:

Average tax rate=Tax paymentTaxable income (1)       

As per the given table, people who lie under the income group between $10,001 and $15,000 have to pay $1,100 plus 15% of everything over $10,000 as tax. Since the income is $13,766, the 15% of $3,766 ($13,766-$10,000) is $564.90($3,776×15/100)

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