Table 12-2
United States Income Tax Rates for a Single Individual, 2002 and 2003.

-Refer to Table 12-2.Costa is a single person whose taxable income is $50,000 a year.What is his marginal tax rate in 2002?

Question

Table 12-2
United States Income Tax Rates for a Single Individual, 2002 and 2003.
 
-Refer to Table 12-2.Costa is a single person whose taxable income is $50,000 a year.What is his marginal tax rate in 2002?

Quizplus · Accepted Answer

According to the table, the marginal tax rate for taxable income between $27,050 and $65,550 in 2002 is 28%. Since Costa's income falls within this range, his marginal tax rate would be 28%.

Table 12-2 United States Income Tax Rates for a Single Individual, 2002