Principles of Microeconomics
Principles of Microeconomics
If the tax code exempts the first $20,000 of income from taxation and then taxes 25 percent of all income above that level, then a person who earns $50,000 has an average tax rate of _______ percent and a marginal tax rate of _______ percent.
a. 15, 25
b. 25. 15
c. 25, 30
d. 30. 25
The average tax rate and marginal tax rate.
The first $20,000 of the income is exempted from the taxation and then 25% tax is levied on all the income above that level. The income of a person is $50,000.
Option (a):
Calculation of average tax rate:
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