Taxable Income Range Marginal Tax Rate $0 to $10,000 12% $10,001 to $24,500 18%
ID: 1206413 • Letter: T
Question
Taxable Income Range Marginal Tax Rate
$0 to $10,000 12%
$10,001 to $24,500 18%
$24,501 to $68,000 27%
$68,001 and above 38%
The table shows the taxable income range and marginal tax rates for a single taxpayer in Oceania.
There are no exemptions or deductions on personal income taxes in Oceania.
The income tax paid by George, a single taxpayer with an income of $65,000, is
A. $11,100
B. $14,745
C. $15,345
D. $17,550
What is George's average tax rate?
A. 19.00%
B. 22.68%
C. 23.61%
D. 27%
Taxable Income Range Marginal Tax Rate
$0 to $10,000 12%
$10,001 to $24,500 18%
$24,501 to $68,000 27%
$68,001 and above 38%
The table shows the taxable income range and marginal tax rates for a single taxpayer in Oceania.
There are no exemptions or deductions on personal income taxes in Oceania.
The income tax paid by George, a single taxpayer with an income of $65,000, is
A. $11,100
B. $14,745
C. $15,345
D. $17,550
What is George's average tax rate?
A. 19.00%
B. 22.68%
C. 23.61%
D. 27%
Explanation / Answer
Taxable Income Range Marginal Tax Rate George's Taxable income bracket Tax $0 to $10,000 12% 10000 - 0 = 10000 1200 $10,001 to $24,500 18% 24000 - 10000 = 14000 2520 $24,501 to $68,000 27% 65000 - 24500 = 40500 10935 $68,001 and above 38% 0 0 Total Tax = 14655 ~14745 Average tax = (14745/65000)*100= 22.68 %
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