University of Missou php?id 2543987 pling sapling earning Laura earns a base sal

Question

University of Missou php?id 2543987 pling sapling earning Laura earns a base salary of $50,000 as an event planner and is subject to the following (fictitious) income tax bracket. Laura is considering taking on an additional wedding that will increase her income by $5,000 In order for Laura to deem the wedding worth her time, this wedding must earn Laura $3000 after taxes. Please round all answers, if not whole numbers, to two decimal places. Tax Rate Income 59% $0 $10,000 $10,001 $30,000 10% $30,001 $50,000 20% $50,001+ 50% Given the information above, will Laura What is the marginal tax rate undertake this extra wedding? associated with taking on this wedding? Yes Number No O Need more information What is Laura's average tax )w much does Laura end rate if the extra wedding is up paying in taxes? accepted? Number Number Due Date: Points Possible: 100 Grade Category: Default Description: Review Chapter 17 Policies Quiz-Rogers You can check your answers You can view solutions after the You have two attempts per quest You lose 10% of the points availa answer in your question for each attempt at that answer. For multiple-choice questions, th depends on the number of choic eTextbook Help With This Topic Web Heln & Videos PM 4/20/2016

Explanation / Answer

Calculation of the margin tax rate associated with taking on this wedding:

If taking on this wedding, tax rate can be applied 50% on income.

The above information, will Laura don’t under take this extra wedding due to it has high tax rate @50%.

Will Laura average tax rate is 17% if the extra wedding is accepted.

The paying of tax amount is $ 9,000 ($10,000 *5%)+($20,000 *10%)+($20,000 *20%)+(5,000 * 50%).

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