The table below shows the tax brackets for different income groups in a country:

-Refer to the table above.If Tom has a taxable income of $62,000,he faces a marginal tax rate of ________.

Question

The table below shows the tax brackets for different income groups in a country:
 
-Refer to the table above.If Tom has a taxable income of $62,000,he faces a marginal tax rate of ________.

Quizplus · Accepted Answer

According to the table, the income group for $62,000 falls under the tax bracket of $40,001 to $80,000, which has a tax rate of 20%. Hence, Tom faces a marginal tax rate of 20%.

The Table Below Shows the Tax Brackets for Different Income