Consider the following hypothetical income tax brackets for a married couple. Assume for simplicity there are no exemptions or deductions. Income $O-520,000 $20,000-$50,000 $50,000-S100,000 Over $100,000 Tax Rate 5% 30 35 60 Suppose the couple's income is $60,000. What is the couple's marginal tax rate? The couple's marginal tax rate is O percent. (Enter your response as an integer.) What is their average tax rate? The couple's average tax rate is percent. (Enter your response as a real number rounded to one decimal place.)

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Chapter1: Making Economics Decisions
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Consider the following hypothetical income tax brackets for a married couple. Assume for simplicity there are no exemptions or deductions.
Income
$0-S20,000
Tax Rate
5%
30
$20,000-$50,000
$50,000-$100,000
Over $100,000
35
60
Suppose the couple's income is $60,000.
What is the couple's marginal tax rate?
The couple's marginal tax rate is O percent. (Enter your response as an integer.)
What is their average tax rate?
The couple's average tax rate is percent. (Enter your response as a real number rounded to one decimal place.)
Transcribed Image Text:Consider the following hypothetical income tax brackets for a married couple. Assume for simplicity there are no exemptions or deductions. Income $0-S20,000 Tax Rate 5% 30 $20,000-$50,000 $50,000-$100,000 Over $100,000 35 60 Suppose the couple's income is $60,000. What is the couple's marginal tax rate? The couple's marginal tax rate is O percent. (Enter your response as an integer.) What is their average tax rate? The couple's average tax rate is percent. (Enter your response as a real number rounded to one decimal place.)
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