Asked by
Diontre McLoyd
on Oct 13, 2024
Verified
If your taxable income is $50,000,your average tax rate is
A) 8 percent.
B) 12 percent.
C) 16 percent.
D) 20 percent.
E) 25 percent.
Average Tax Rate
The proportion of total income that is paid in taxes, calculated by dividing the total tax paid by the taxpayer’s total income.
Taxable Income
The portion of an individual's or organization's income used to calculate how much tax will be owed to the government.
- Ascertain taxable income, the extent of taxes paid, and derive average and marginal tax rates from the provided data.
Verified Answer
HM
Learning Objectives
- Ascertain taxable income, the extent of taxes paid, and derive average and marginal tax rates from the provided data.