Duela Dent is single and had $193,600 in taxable income. Use the rates from Table 2.3. |
a. | What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) |
b. |
What is the marginal tax rate? (Enter your answer as a percent rounded to the nearest whole number, e.g., 32.) |
Solution:-
(a) Total income= $193,600
Tax on total income = (9,525*10%) + {(38,700-9,525)*12%} + {(82,500-38,700)*22%} + {(157,500-82,500)*24%} + {(193,600-157,500)*32%}
Tax on total income = $43,641.5
(b) Marginal tax rate refers to the rate at which any additional income above and over the current income will be taxed at. Duela Dent has a current of $193,600 which falls in 157,500-200,000 bracket. Hence, any additional dollar in income will be taxed at 32%. Therefore, the marginal tax rate is 32%
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