Refer to the following table to answer the following questions:
-Using the table,what is the marginal income tax rate of a $5,000 raise for someone who currently makes $85,650 per year?

Question

Refer to the following table to answer the following questions: 
-Using the table,what is the marginal income tax rate of a $5,000 raise for someone who currently makes $85,650 per year?

Quizplus · Accepted Answer

To find the marginal income tax rate for a $5,000 raise, we need to look at the column for the income range that includes $85,650 (which is $82,501-$157,500) and find the tax rate for the income range that includes $90,650 (which is $82,501-$157,500). We can see that the tax rate for the $82,501-$157,500 income range is 24 percent, and the tax rate for the $90,651-$189,300 income range is 28 percent. Therefore, the marginal income tax rate for a $5,000 raise is 28 percent.

Refer to the Following Table to Answer the Following Questions