Geronimo files his tax return as a head of household for year 2019.If his taxable income is $72,000, what is his average tax rate (rounded)? (Use tax rate schedule.)
A)14.28 percent
B)6.31 percent
C)19.08 percent
D)22.00 percent
E)None of the choices are correct

Question

Quizplus · Accepted Answer

To find the average tax rate, we need to calculate the total tax Geronimo owes and then divide it by his taxable income. For 2019, the tax brackets for head of household are: 10% on income up to $13,850, 12% on income over $13,850 up to $52,850, and 22% on income over $52,850 up to $84,200. Geronimo's taxable income is $72,000. Calculating the tax:  - 10% on the first $13,850 = $1,385  - 12% on the next $39,000 ($52,850 - $13,850) = $4,680  - 22% on the remaining $19,150 ($72,000 - $52,850) = $4,213  Total tax = $1,385 + $4,680 + $4,213 = $10,278  Average tax rate = ($10,278 / $72,000) * 100 = 14.28%

Geronimo Files His Tax Return as a Head of Household