Marc,a single taxpayer,earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham Bonds.Using the U.S.tax rate schedule for year 2013,what is his average tax rate (rounded) ?

Question

Quizplus · Accepted Answer

Marc's taxable income is $60,000. The tax on this amount is $9,875. His average tax rate is $9,875/$65,000 = 15.19%, which rounds to 15.84%.

Marc,a Single Taxpayer,earns $60,000 in Taxable Income and $5,000 in Interest