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Use the marginal tax rate chart to answer the question. Marginal Tax Rate Chart Tax Bracket $0-$10,275 > $539,901 $10,276-$41.175 12% $41,176-$89,075 22% $89,076-$170,050 24% $170,051-$215,950 32% $215,951-$539,900 35% O 17.61% Marginal Tax Rate O22.70% 10% Determine the effective tax rate for a taxable income of $95,600. Round the final answer to the nearest hundredth. O 17.00% O24.00% 37%

Use the marginal tax rate chart to answer the question. Marginal Tax Rate Chart Tax Bracket $0-$10,275 > $539,901 $10,276-$41.175 12% $41,176-$89,075 22% $89,076-$170,050 24% $170,051-$215,950 32% $215,951-$539,900 35% O 17.61% Marginal Tax Rate O22.70% 10% Determine the effective tax rate for a taxable income of $95,600. Round the final answer to the nearest hundredth. O 17.00% O24.00% 37%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Use the marginal tax rate chart to answer the question. Marginal Tax Rate Chart Tax Bracket $0-$10,275 $10,276-$41,175 12% $41,176-$89,075 22% $89,076-$170,050 24% $170,051-$215,950 32% > $539,901 $215,951-$539,900 35% O 17.00% Marginal Tax Rate O 17.61% 10% Determine the effective tax rate for a taxable income of $95,600. Round the final answer to the nearest hundredth. O 22.70% O24.00% 37%
Transcribed Image Text:Use the marginal tax rate chart to answer the question. Marginal Tax Rate Chart Tax Bracket $0-$10,275 $10,276-$41,175 12% $41,176-$89,075 22% $89,076-$170,050 24% $170,051-$215,950 32% > $539,901 $215,951-$539,900 35% O 17.00% Marginal Tax Rate O 17.61% 10% Determine the effective tax rate for a taxable income of $95,600. Round the final answer to the nearest hundredth. O 22.70% O24.00% 37%
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