Frank and Fran are married and have a 2014 taxable income of $280,000. They also received $20,000 of tax- exempt income. Their average tax rate is:

Question

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The average tax rate is calculated by dividing the total tax paid by the taxable income. Assuming the tax paid is $68,320 (based on 2014 tax brackets for married filing jointly), the average tax rate is $68,320 / $280,000 = 24.4%.

Frank and Fran Are Married and Have a 2014 Taxable