You are a financial manager for Company ABC Ltd. You earned taxable income of $224,000. Based on the
following tax brackets, what is your average federal tax rate for the year 2024? (6 Points)
Federal Personal Income Tax Brackets and Tax Rates (2024)
2024 Taxable Income Dollars Tax Rate
First $55,867 or less 55,867 15.0%
Over $55,867 up to $111,733 55,866 20.5%
Over $111,733 up to $173,205 61,472 26.0%
Over $173,205 up to $246,752 73,547 29.0%
Over $246,752 >$246,752 33.0%