Suppose Ms. Sanchez has a total income of $200,000, has a taxable income of $120,000, and pays $40,000 in taxes. Considering the information, what is Ms. Sanchez's effective tax rate?
A. 33.3 percent.
B. 60.0 percent.
C. 25.0 percent.
D. 20.0 percent.
Answer: D
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If the demand for a good is determined to be "inelastic," then the elasticity measure
A) is greater than 1.0. B) is equal to 1.0. C) is less than 1.0. D) is infinite.
Comment on the following statement: "The output effect and the factor substitution effectwork in opposite directions, so it is possible that a decrease in the wage rate can lead to a decrease in the amount of labor hired."
What will be an ideal response?
If the firm in Figure 17-4 above maintains its set price of P0, its profit is
A) G + H. B) G + J. C) F + G + J. D) G + H + J + K. E) J + K.
Trade between countries tends to a. reduce both competition and specialization
b. reduce competition and increase specialization. c. increase competition and reduce specialization. d. increase both competition and specialization.