Solved

Suppose There Is a 20% Tax on the First $15,000

Question 30

Multiple Choice

Suppose there is a 20% tax on the first $15,000 of taxable income,a 30% tax on taxable income above $15,000 until $30,000,and a 40% tax on all taxable income above $30,000.There is a $3,000 exemption per person.What is the marginal tax rate for a single mother making $35,000 who has one child?


A) 20%
B) 30%
C) 31.7%
D) 40%

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents