Answered: Jerry’s effective rate is 20%. What is…

Jerry’s effective rate is 20%. What is his taxable income in 2022, if he paid $25,000 in taxes in 2022. Group of answer choices $125,000 $5000 $625,000 $100,000

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

Jerry’s effective rate is 20%. What is his taxable income in 2022, if he paid $25,000 in taxes in 2022.

Group of answer choices

$125,000

$5000

$625,000

$100,000

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