For a person earning $75,000,the average tax rate is:

Name: For a person earning $75,000,the average tax rate is:
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Question

Quizplus · Accepted Answer

The tax bracket for someone earning $75,000 is between $40,000 to $85,525. The tax rate for this bracket is 22% for the portion above $40,000. Therefore, the calculation is as follows:

$40,000 x 12% = $4,800
($75,000 - $40,000) x 22% = $8,250

$4,800 + $8,250 = $13,050

$13,050 / $75,000 = 0.173 or 17.3%

Therefore, the average tax rate is 19% which corresponds to choice C.

For a Person Earning $75,000,the Average Tax Rate Is