Elaine's taxable income increases by $1 and her tax payment increases by $0.28.Her marginal tax rate is

Name: Elaine's taxable income increases by $1 and her tax payment increases by $0.28.Her marginal tax rate is
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Since Elaine's tax payment increases by $0.28 for every $1 increase in her taxable income, her marginal tax rate is 28%. This means that for every additional dollar she earns, 28 cents will be paid in taxes.

Elaine's Taxable Income Increases by $1 and Her Tax Payment