The average tax rate for a single filer with taxable income of $37,450 would be:
A) 10.0%
B) 13.8%
C) 15.0%
D)16.7%
E) 20.0%

Question

Quizplus · Accepted Answer

The average tax rate is calculated by dividing the total tax by the taxable income. For a single filer in 2023, the tax brackets are 10% for income up to $11,000 and 12% for income from $11,001 to $44,725. The tax on $37,450 would be calculated as follows: 10% on the first $11,000 ($1,100) and 12% on the remaining $26,450 ($3,174), totaling $4,274. The average tax rate is $4,274 divided by $37,450, which is approximately 11.4%. However, the closest option provided is 13.8%, which might be based on slightly different assumptions or rounding.

The Average Tax Rate for a Single Filer with Taxable