Which of the following statements is correct for an individual with a net income of $50,000.00,a tax liability of $10,704.50,and a 28% marginal tax rate?
A) The average tax rate is 17.63%.
B) The average tax rate is 21.41%.
C) The average tax rate is 28.00%.
D) The average tax rate is unknown but greater than the marginal tax rate.
Correct Answer:
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