Table 12-9
United States Income Tax Rates for a Single Individual, 2012 and 2013.
-Refer to Table 12-9. Harry is a single person whose taxable income is $35,000 a year. What is his marginal tax rate in 2013?

Question

Table 12-9
United States Income Tax Rates for a Single Individual, 2012 and 2013. 
-Refer to Table 12-9. Harry is a single person whose taxable income is $35,000 a year. What is his marginal tax rate in 2013?

Quizplus · Accepted Answer

Harry's taxable income is $35,000, which falls into the 25% tax bracket. However, the marginal tax rate is the rate applied to the next dollar of income, which is 27%.

Table 12-9 United States Income Tax Rates for a Single Individual, 2012