A single individual pays $7,813 on a taxable income of $47,810 and $7,838 on a taxable income of $47,910.What is the marginal tax rate?

Name: A single individual pays $7,813 on a taxable income of $47,810 and $7,838 on a taxable income of $47,910.What is the marginal tax rate?
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Quizplus · Accepted Answer

The marginal tax rate is calculated by the change in tax divided by the change in income. The tax increases by $25 ($7,838 - $7,813) when the income increases by $100 ($47,910 - $47,810), resulting in a marginal tax rate of 25%.

A Single Individual Pays $7,813 on a Taxable Income of $47,810