If your income is $50,000, your income tax liability is $10,000, and you paid $0.25 in taxes on the last dollar you earned, your
A) marginal tax rate is 20 percent.
B) average tax rate is 5 percent.
C) marginal tax rate is 25 percent.
D) average tax rate is 25 percent.
Correct Answer:
Verified
Q195: Suppose the government imposes a tax of
Q196: Suppose that the government taxes income in
Q197: Table 12-4
United States Income Tax Rates for
Q198: Under a regressive tax system, the marginal
Q199: The income tax requires that taxpayers pay
Q201: Table 12-6
The table below provides information on
Q202: In the 1980s, President Ronald Reagan argued
Q203: The marginal tax rate for a lump-sum
Q204: The concept that people should pay taxes
Q205: A tax system based on the ability-to-pay
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents