5 Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answersTaxable IncomeTax rate$0-$9,70010%$9,701-$39,47512$39,476-$84,200$84,201-160,725$160,726-$204,100$204,101-$510,300Over $510,300371st attemptIf you have a taxable income of $306,160.00, what is yourtop marginal tax rate?%total tax bill? $average tax rate?2235524%

Tax Rate refers to the rate or percentage of income that the government deducts from an individual’s…

Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers Taxable Income Tax rate $0-$9,700 10% $9,701-$39,475 12 $39,476-$84,200 22 $84,201-160,725 24 $160,726-$204,100 32 $204,101-$510,300 35 Over $510,300 37 1st attempt If you have a taxable income of $306,160.00, what is your top marginal tax rate? % total tax bill? $ average tax rate? %

Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers Taxable Income Tax rate $0-$9,700 10% $9,701-$39,475 12 $39,476-$84,200 22 $84,201-160,725 24 $160,726-$204,100 32 $204,101-$510,300 35 Over $510,300 37 1st attempt If you have a taxable income of $306,160.00, what is your top marginal tax rate? % total tax bill? $ average tax rate? %

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Design Of The Tax System

Section: Chapter Questions

Problem 5CQQ

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