Maria is single and has a 2014 taxable income of $199,800. She also received $15,000 of tax-exempt income. Maria's effective tax rate is:

Name: Maria is single and has a 2014 taxable income of $199,800. She also received $15,000 of tax-exempt income. Maria's effective tax rate is:
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Question

Quizplus · Accepted Answer

Maria's effective tax rate is calculated by dividing her total tax by her total income (taxable plus tax-exempt). Assuming her tax is calculated based on the 2014 tax brackets, her effective tax rate is approximately 23.2%.

Maria Is Single and Has a 2014 Taxable Income of $199,800