Assume the marginal tax rate is 10 percent for the first $30,000 of income,15 percent for income between $30,000 and $70,000,and 20 percent for any income over $70,000.If Emily has taxable income equal to $80,000 for the year,what is her tax bill?

Question

Quizplus · Accepted Answer

Emily's tax bill is calculated as follows: 10% on the first $30,000 = $3,000; 15% on the next $40,000 ($70,000 - $30,000) = $6,000; and 20% on the final $10,000 ($80,000 - $70,000) = $2,000. Adding these amounts together gives a total tax bill of $11,000.

Assume the Marginal Tax Rate Is 10 Percent for the First