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The table below shows an income tax schedule for the imaginary country of Republica. Kermit is a citizen of Republica who earns $82,000 per year at his job. Assume Kermit is not eligible for any deductions or exemptions. Taxable income $O-$15,000 $15,001-$30,000 $30,001-$75,000 $75,001-$155,000 $155,001+ Marginal tax rate (%) 10 15 25 30 35 a. How much does Kermit pay in income tax? $ 17100 b. What is Kermit's marginal tax rate? 30 c. What is his average tax rate? 20.85

The table below shows an income tax schedule for the imaginary country of Republica. Kermit is a citizen of Republica who earns $82,000 per year at his job. Assume Kermit is not eligible for any deductions or exemptions. Taxable income $O-$15,000 $15,001-$30,000 $30,001-$75,000 $75,001-$155,000 $155,001+ Marginal tax rate (%) 10 15 25 30 35 a. How much does Kermit pay in income tax? $ 17100 b. What is Kermit's marginal tax rate? 30 c. What is his average tax rate? 20.85

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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The table below shows an income tax schedule for the imaginary country of Republica. Kermit is a citizen of Republica who earns $82,000 per year at his job. Assume Kermit is not eligible for any deductions or exemptions. Marginal tax rate (%) 10 Taxable income $0-$15,000 $15,001-$30,000 $30,001-$75,000 $75,001-$155,000 $155,001+ 15 25 30 35 a. How much does Kermit pay in income tax? $ 17100 b. What is Kermit's marginal tax rate? 30 % c. What is his average tax rate? 20.85 %
Transcribed Image Text:The table below shows an income tax schedule for the imaginary country of Republica. Kermit is a citizen of Republica who earns $82,000 per year at his job. Assume Kermit is not eligible for any deductions or exemptions. Marginal tax rate (%) 10 Taxable income $0-$15,000 $15,001-$30,000 $30,001-$75,000 $75,001-$155,000 $155,001+ 15 25 30 35 a. How much does Kermit pay in income tax? $ 17100 b. What is Kermit's marginal tax rate? 30 % c. What is his average tax rate? 20.85 %
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