Consider the following hypothetical income tax brackets for a married couple. Assume for simplicity there are no exemptions or deductions. Income Tax Rate $0-$20,000 $20,001-$50,000 $50,001-$100,000 $100,001 and up 10% 20 45 60 Suppose the couple's income is $80,000. The couple's marginal tax rate is 45 percent. (Enter your response as a whole number.) The couple's average tax rate is percent. (Enter your response rounded to the nearest whole number.)

Consider the following hypothetical income tax brackets for a married couple. Assume for simplicity there are no exemptions or deductions. Income Tax Rate $0-$20,000 $20,001-$50,000 $50,001-$100,000 $100,001 and up 10% 20 45 60 Suppose the couple's income is $80,000. The couple's marginal tax rate is 45 percent. (Enter your response as a whole number.) The couple's average tax rate is percent. (Enter your response rounded to the nearest whole number.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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