Given the following marginal tax rates and income brackets, calculate the effective tax rate for an individual earning $80,000 in income. Marginal Tax Rate Taxable Income Bracket 10% Up to $20,000 15% $20,001-$35,000 20% $35,001-$55,000 30% $55,001-$80,000 45% $80,001-$120,000

Given the following marginal tax rates and income brackets, calculate the effective tax rate for an individual earning $80,000 in income. Marginal Tax Rate Taxable Income Bracket 10% Up to $20,000 15% $20,001-$35,000 20% $35,001-$55,000 30% $55,001-$80,000 45% $80,001-$120,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Given the following marginal tax rates and income brackets, calculate the effective tax rate for an individual
earning $80,000 in income.
Marginal Tax Rate
Taxable Income Bracket
10%
Up to $20,000
15%
$20,001-$35,000
20%
$35,001-$55,000
30%
$55,001-$80,000
45%
$80,001-$120,000

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