In your current job, you earn $55,000. You take the standard deduction of $12,200. You have an offer of a new job working for a different employer. Your salary would go up by $5,000. Given your current taxable income, what is your marginal tax rate? For taxable income over... $0 $9,700 $39,475 $84,200 $160,725 $204,100 $510,300 22% O 12% O 10% 24% ... but not over... $9,700 $39,475 $84,200 $160,725 $204,100 $510,300 ...the marginal tax rate is: 10% 12% 22% 24% 32% 35% 37%
In your current job, you earn $55,000. You take the standard deduction of $12,200. You have an offer of a new job working for a different employer. Your salary would go up by $5,000. Given your current taxable income, what is your marginal tax rate? For taxable income over... $0 $9,700 $39,475 $84,200 $160,725 $204,100 $510,300 22% O 12% O 10% 24% ... but not over... $9,700 $39,475 $84,200 $160,725 $204,100 $510,300 ...the marginal tax rate is: 10% 12% 22% 24% 32% 35% 37%
Chapter1: Making Economics Decisions
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Problem 1QTC
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
Transcribed Image Text:In your current job, you earn $55,000. You take the standard deduction of $12,200. You have an offer of a new job working for a different employer. Your salary would go up by
$5,000. Given your current taxable income, what is your marginal tax rate?
oooo
For taxable
income over...
$0
$9,700
$39,475
$84,200
$160,725
$204,100
$510,300
O 22%
12%
O 10%
O 24%
but not
over...
$9,700
$39,475
$84,200
$160,725
$204,100
$510,300
the marginal
tax rate is:
10%
12%
22%
24%
32%
35%
37%
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