Based on the table below, what would the average tax rate be for a person earning $47,000 per year?_U.S. Marginal Tax Rates for Single Taxpayers (2022)$0 to $10,27510 percent$10,275 to $41,775$41,775 to $89,075$89,075 to $170,050$170,050 to $215,950$215,950 to $539,900Over $539,90012 percent22 percent24 percent32 percent35 percent37 percent

Average tax rates show the overall share of income paid in taxes. It is the percentage of the total…

Based on the table below, what would the average tax rate be for a person earning $47,000 per year? U.S. Marginal Tax Rates for Single Taxpayers (2022) $0 to $10,275 10 percent 12 percent 22 percent 24 percent 32 percent $10,275 to $41,775 $41,775 to $89,075 $89,075 to $170,050 $170,050 to $215,950 $215,950 to $539,900 Over $539,900 35 percent 37 percent

Based on the table below, what would the average tax rate be for a person earning $47,000 per year? U.S. Marginal Tax Rates for Single Taxpayers (2022) $0 to $10,275 10 percent 12 percent 22 percent 24 percent 32 percent $10,275 to $41,775 $41,775 to $89,075 $89,075 to $170,050 $170,050 to $215,950 $215,950 to $539,900 Over $539,900 35 percent 37 percent

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Oregon Hikes Cigarette Tax by $2 Last November Oregon voters overwhelmingly approved higher taxes on cigarettes and a new tax on e-cigarettes. Effective January 1, 2021, the state tax on a pack of cigarettes jumped from $1.33 to $3.33, the sixth-highest state tax in the nation. That will bring the average retail price up to $8.33 a pack, almost a 32 percent increase. State officials are expecting a tax windfall of $135 million in 2021 from the higher taxes. That assumes Oregonians continue to buy cigarettes at the same rate. Economists warn, however, that smokers reduce cigarette purchases when prices go up. Typically, unit sales decline by 4 percent when cigarette prices go up by 10 percent. The drop in unit sales may be larger in Oregon, as residents will have the option of purchasing smokes from other states, Indian reservations, and online. Source: Media reports of November 2020–February 2021. According to the News Wire, Instructions: Round your responses to one decimal…