Table 12-5
-Refer to Table 12-5.What is the average tax rate for a person who makes $120,000

Name: Table 12-5 -Refer to Table 12-5.What is the average tax rate for a person who makes $120,000
Brand: Quizplus
Rating: 4.9 (47 reviews)

Question

Table 12-5 
-Refer to Table 12-5.What is the average tax rate for a person who makes $120,000

Quizplus · Accepted Answer

The average tax rate is calculated by dividing the total taxes paid by the taxable income. For someone making $120,000, the total taxes paid would be $39,630. Therefore, the average tax rate is ($39,630/$120,000) x 100 = 33%. The best choice is B.

Table 12-5 -Refer to Table 12-5.What Is the Average Tax Rate for Tax