Assume that you have a marginal tax rate of 28 percent, a state income tax rate of 4 percent, and have a city income tax rate of 1 percent
The tax for Social Security and Medicare is 7.65 percent. What would be the effective marginal tax rate on your last dollar of earnings?
A) 28 percent
B) 32 percent
C) 33 percent
D) 40.65 percent
E) Cannot determine from the information provided
Answer: D
You might also like to view...
A large uninsured loss from a fire is treated on the income statement as an extraordinary item
Indicate whether the statement is true or false
What is the benefit of using stories and well-known quotations to explain points made during an interview with a reporter?
What will be an ideal response?
Fay, age 17, ordered a pair of skis on the installment plan. She paid $20 every month until she turned 18, the age of majority. The next day, she sold the skis to Sharon and disaffirmed the contract. Fay is:
a. still liable since she had to disaffirm before her 18th birthday. b. still liable because selling the skis amounted to a ratification. c. still liable because she used the skis. d. not liable because skis are not necessaries.
Which of the following can lead to increased expected cash flow over time to the firm?
A) Open and collaborative relations with the community B) Qualified and motivated employees C) Greater customer satisfaction D) All of the above