If the tax on the next dollar earned is $24,the next dollar earned is $60,the total income tax outlay is $30,000,and the taxable income is $120,000,what is the marginal tax bracket?

Question

Quizplus · Accepted Answer

The marginal tax bracket is the tax rate applicable to the last dollar earned. In this case, the tax on the next dollar earned is $24, which means the marginal tax rate is 24%.

If the Tax on the Next Dollar Earned Is $24,the