Table 12-12
United States Income Tax Rates for a Single Individual,2002 and 2003.

-Refer to Table 12-12.Charles is a single person whose taxable income is $35,000 a year.What is his average tax rate in 2003?

Question

Table 12-12
United States Income Tax Rates for a Single Individual,2002 and 2003.
 
-Refer to Table 12-12.Charles is a single person whose taxable income is $35,000 a year.What is his average tax rate in 2003?

Quizplus · Accepted Answer

The average tax rate is calculated by dividing the total tax paid by the taxable income. Based on the 2003 tax brackets, Charles's tax liability would be calculated, and then divided by $35,000 to find the average tax rate, which is 16.4%.

Table 12-12 United States Income Tax Rates for a Single Individual,2002 and Individual,2002