Jim and Anna are married and have a 2018 taxable income of $280,000. They also received $20,000 of tax-exempt income. Their effective tax rate is:

Question

Quizplus · Accepted Answer

The effective tax rate is calculated by dividing the total tax paid by the total taxable income. In this case, the total tax paid is $53,200 (280,000 x 0.19), and the total taxable income is $280,000. Therefore, the effective tax rate is 19%.

Jim and Anna Are Married and Have a 2018 Taxable