Using the table, what is the average tax rate for someone who makes $77,000 per year?
Using the table, what is the average tax rate for someone who makes $77,000 per year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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subject:accounting
Transcribed Image Text:Refer to the following table to answer the next seven questions.
2018 Federal Income Tax Brackets (pre-TCJA)
Taxable Income
$0-$9,525
$9,526-$38,700
$38,701-$93,700
$93,701-$195,450
$195,451-$424,950
$424,951-$426,700
Over $426,700
Using the table, what is the average tax rate for someone who makes $77,000 per year?
a. 17.2%
O b. 22.1%
Tax Rate
10.0%
15.0%
25.0%
28.0%
33.0%
35.0%
39.6%
c. 19.4%
d. 13.0%
e. 28.6%
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