Table 12-2
Consider the tax rates shown in the table below.

-Refer to Table 12-2.If John has taxable income of $72,000,his marginal tax rate is
A) 14%.
B) 26%.
C) 31%.
D) 34%.

Question

Table 12-2
Consider the tax rates shown in the table below.
 
-Refer to Table 12-2.If John has taxable income of $72,000,his marginal tax rate is
A) 14%. 
B) 26%. 
C) 31%. 
D) 34%.

Quizplus · Accepted Answer

Looking at the table, we can see that the taxable income range that includes $72,000 is between $70,001-$82,500, which has a marginal tax rate of 31%. This means that for every additional dollar John earns above $72,000, his tax rate will be 31%.

Table 12-2 Consider the Tax Rates Shown in the Table Below