Question

Table 4 The following table shows the marginal tax rates for unmarried individuals for two years. 2019 On Taxable Income... The Tax Rate Is... $0 to $15,000 10% $15,000 to $40,000 15% $40,000 to $75,000 20% $75,000 to $120,000 25% Over $120,000 30% 2020 On Taxable Income... The Tax Rate Is... Over $0 20% Refer to Table 4. For an individual who earned $80,000 of taxable income in 2019, what was the individual's average tax rate in 2019? Answer:

          Table 4
The following table shows the marginal tax rates for unmarried individuals for two years.

2019
On Taxable Income...	The Tax Rate Is...
$0 to $15,000	10%
$15,000 to $40,000	15%
$40,000 to $75,000	20%
$75,000 to $120,000	25%
Over $120,000	30%

2020
On Taxable Income...	The Tax Rate Is...
Over $0	20%

Refer to Table 4. For an individual who earned $80,000 of taxable income in 2019, what was the individual's average tax rate in 2019?
Answer:

Table 4
The following table shows the marginal tax rates for unmarried individuals for two years.

2019
On Taxable Income... The Tax Rate Is...
0 to15,000 10%
15,000 to40,000 15%
40,000 to75,000 20%
75,000 to120,000 25%
Over 120,000 30%

2020
On Taxable Income... The Tax Rate Is...
Over0 20%

Refer to Table 4. For an individual who earned 80,000 of taxable income in 2019, what was the individual's average tax rate in 2019?
Answer:

Added by Cham C.

Principles of Economics

Gregory Mankiw 8th Edition

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Solved by Expert Andrew Davis

04/19/2024

Step 1

We need to calculate the average tax rate for an individual who earned $80,000 of taxable income in 2019. The average tax rate is the total tax paid divided by the total income earned. Show more…

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