kshay is single and lives in Thunder Bay. Akshay earned $60,000 in 2013. The following table shows the federal tax rate for individuals in 2013. On Taxable Income... The Tax Rate Is... Up to $43,561 15% From $43,561 to $87,123 22% From $87,123 to $135,054 26% Over $135,054 29% ill in the following table with Akshay's marginal tax rate, total amount of taxes owed, and average tax rate for 2013. Earnings ($) Marginal Tax Rate (%) Taxes Owed ($) Average Tax Rate (%) 60,000
kshay is single and lives in Thunder Bay. Akshay earned $60,000 in 2013. The following table shows the federal tax rate for individuals in 2013. On Taxable Income... The Tax Rate Is... Up to $43,561 15% From $43,561 to $87,123 22% From $87,123 to $135,054 26% Over $135,054 29% ill in the following table with Akshay's marginal tax rate, total amount of taxes owed, and average tax rate for 2013. Earnings ($) Marginal Tax Rate (%) Taxes Owed ($) Average Tax Rate (%) 60,000
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Akshay is single and lives in Thunder Bay. Akshay earned $60,000 in 2013. The following table shows the federal tax rate for individuals in 2013.
NOTE:
Marginal Tax Rate options are (15, 22, 26, 29)
Taxes Owed options are (8983, 10151, 11383, 12579, 13174)
Average Tax Rate options are (15, 17, 19, 21, 22)
![4. Taxes paid for a given income level
Akshay is single and lives in Thunder Bay. Akshay earned $60,000 in 2013. The following table shows the federal tax rate for individuals in 2013.
On Taxable Income...
Up to $43,561
The Tax Rate Is...
15%
From $43,561 to $87,123
22%
From $87,123 to $135,054
26%
Over $135,054
29%
Fill in the following table with Akshay's marginal tax rate, total amount of taxes owed, and average tax rate for 2013.
Earnings ($)
Marginal Tax Rate (%)
Taxes Owed ($)
Average Tax Rate (%)
60,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F36a76df1-1c61-4960-9e36-cc62f9a534f0%2F31f8738d-7c23-479b-952b-e8591aba86c0%2Fyht6hhr_processed.png&w=3840&q=75)
Transcribed Image Text:4. Taxes paid for a given income level
Akshay is single and lives in Thunder Bay. Akshay earned $60,000 in 2013. The following table shows the federal tax rate for individuals in 2013.
On Taxable Income...
Up to $43,561
The Tax Rate Is...
15%
From $43,561 to $87,123
22%
From $87,123 to $135,054
26%
Over $135,054
29%
Fill in the following table with Akshay's marginal tax rate, total amount of taxes owed, and average tax rate for 2013.
Earnings ($)
Marginal Tax Rate (%)
Taxes Owed ($)
Average Tax Rate (%)
60,000
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