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 had received a raise of $3,500 at the beginning of the year, his average tax rate would be

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 had received a raise of $3,500 at the beginning of the year, his average tax rate would be

Quizplus · Accepted Answer

The average tax rate is calculated by dividing the total tax paid by the total income. Without the specific tax brackets from Table 20.1, we assume George's tax rate remains in the same bracket. A raise of $3,500 on a $65,000 income would not significantly change the average tax rate, keeping it around 22.99%.

Table 201 : the Table Shows the Taxable Income Range