Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
Give an arithmetic example to illustrate the difference between the marginal and average tax rates.
Identify the difference between the marginal and average tax rates using an arithmetic example.
The marginal tax rate can be calculated using the following formula:
The average tax rate can be calculated using the following formula:
Suppose the tax payment increases from $10,000 to $10,390 when the taxable income rises from $45,000 to $46,000, then, the marginal rate of tax can be calculated using Equation-1 as follows:
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