Homework Answers
Byrne Family Income $25000
For $0-$20000 Byrne family pays 0 tax
$20001-$39000 Byrne family pays 31% i.e 5000*31/100=1550
So the Average tax rate is given by
ATR=Total tax Paid/Total Income*100=1550/25000*100=6.20%=6%
And the Marginal tax rate is given by
MTR=change in tax/change in Income*100=1550/5000*100=31%
Smith's Family Income $48000
For $20000 the tax paid is 0
For $19000 the tax Paid is 19000*31/100=$5890
For $9000 the tax paid is 9000*42/100=$3780
ATR=Total tax Paid/Total Income*100=(5890+3780)/48000*100=20.14%=20%
MTR=change in tax/change in Income*100=9670/28000*100=34.53%=35%
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