Table 20.1 : The table shows the taxable income range and marginal tax rates for a single taxpayer in Oceania.There are no exemptions or deductions on personal income taxes in Oceania.
-Refer to Table 20.1. George is a single taxpayer with an income of $65,000. If George earned one extra dollar of income, he would have paid an additional ________ in income tax.

Question

Table 20.1 :  The table shows the taxable income range and marginal tax rates for a single taxpayer in Oceania.There are no exemptions or deductions on personal income taxes in Oceania.
-Refer to Table 20.1. George is a single taxpayer with an income of $65,000. If George earned one extra dollar of income, he would have paid an additional ________ in income tax.

Quizplus · Accepted Answer

The marginal tax rate for a single taxpayer with an income of $65,000 is 27%, so an additional dollar of income would be taxed at 27 cents.

Table 201 : the Table Shows the Taxable Income Range