Solved

Assume That Mr

Question 41

Multiple Choice

Assume that Mr. Smith's income increased from $40,000 last year to $45,000 this year and that he paid an additional $2,000 in taxes. This would indicate that his marginal tax rate is


A) 10 percent.
B) 25 percent.
C) 30 percent.
D) 40 percent.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q33: The marginal tax rate can be calculated

Q35: An example of a regressive tax is

Q36: Assume a family that earns $20,000 pays

Q37: Assume a family that earns $20,000 pays

Q39: Mr. Smith earns $100,000 per year. Each

Q45: -The Social Security</p></div><svg width=

Q45: When income is $15,000, the amount of

Q48: If a tax system is progressive, then
A)

Q49: -Using the above</p></div><svg width=

Q52: In a progressive income tax system
A) the

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents