Answered: If Theresa paid $5,000 in taxes last…

If Theresa paid $5,000 in taxes last year on taxable income of $50,000, her effective tax rate was Group of answer choices 1000% 0.1% 20% 10%

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter30: Government Budgets And Fiscal Policy

Section: Chapter Questions

Problem 6SCQ: What taxes would an individual pay if he were self-employed and the business is not incorporated?

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Question

If Theresa paid $5,000 in taxes last year on taxable income of $50,000, her effective tax rate was

Group of answer choices

1000%

0.1%

20%

10%

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