Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2018, what is his effective tax rate (rounded)? (Use tax rate schedule)
A) 20.31%
B) 14.06%
C) 15.23%
D) 22.00%
E) None of the choices are correct

Question

Quizplus · Accepted Answer

14.06% = $9,139.50/(60,000 + 5,000)

Marc, a Single Taxpayer, Earns $60,000 in Taxable Income and $5,000