Question

(Federal Income Taxes and Piecewise Functions MC)

Use the marginal tax rate chart to answer the question.


Marginal Tax Rate Chart

Tax Bracket
Marginal Tax Rate

$0–$10,275

10%

$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%

> $539,901

37%



Determine the effective tax rate for a taxable income of $23,470. Round the final answer to the nearest hundredth.
11.12%
12.00%
13.49%
15.63%

Answer 1

I believe it would be A, which is 11.12 because if you look at the table you want to find where 23,470 falls into. And it would fall into 10,276-41,175 which is 12%. So, in my conclusion it would have to be less than 12%. That would rule out and C and D. And since 221,470 isn't the highest in that catergory, it would make sense that it would be A.

Answer 2

awesome, thx man.