Consider the following hypothetical income tax brackets for a married couple. Assume for simplicity there are no exemptions or deductions. Income $0-$20,000 $20,000-$50,000 $50,000-$100,000 Over $100,000 Tax Rate 10% 20 45 50 Suppose the couple's income is $70,000. What is the couple's marginal tax rate? The couple's marginal tax rate is 45 percent. (Enter your response as an integer.) What is their average tax rate? The couple's average tax rate is percent. (Enter your response as a real number rounded to one decimal place
Consider the following hypothetical income tax brackets for a married couple. Assume for simplicity there are no exemptions or deductions. Income $0-$20,000 $20,000-$50,000 $50,000-$100,000 Over $100,000 Tax Rate 10% 20 45 50 Suppose the couple's income is $70,000. What is the couple's marginal tax rate? The couple's marginal tax rate is 45 percent. (Enter your response as an integer.) What is their average tax rate? The couple's average tax rate is percent. (Enter your response as a real number rounded to one decimal place
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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