Suppose in Fiscalville there is 0 percent tax on the first $10,000 of income, bu
ID: 1187218 • Letter: S
Question
Suppose in Fiscalville there is 0 percent tax on the first $10,000 of income, but a 15 percent tax on earnings between $10,000 and $20,000 and a 30 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 45 percent. If your income is $70,000, how much will you pay in taxes? $ Determine your marginal rate and average tax rates.The marginal tax rate is % Instruction: Round your answer to the nearest whole number. The average tax rate is % Suppose in Fiscalville there is 0 percent tax on the first $10,000 of income, but a 15 percent tax on earnings between $10,000 and $20,000 and a 30 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 45 percent. If your income is $70,000, how much will you pay in taxes? $ Determine your marginal rate and average tax rates.
The marginal tax rate is % Instruction: Round your answer to the nearest whole number. The average tax rate is % Suppose in Fiscalville there is 0 percent tax on the first $10,000 of income, but a 15 percent tax on earnings between $10,000 and $20,000 and a 30 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 45 percent. If your income is $70,000, how much will you pay in taxes? $ Determine your marginal rate and average tax rates.
The marginal tax rate is % Instruction: Round your answer to the nearest whole number. The average tax rate is %
Explanation / Answer
22500$ will be taxable income.
Marginal tax rate is simply 45% since his salary came in this taxation margin.
Average tax rate is 32.14% of the total incomeit is 22500/70000*100