Pat calculates that for every extra dollar she earns, she owes the government 33 cents. Her total income now is $35,000 . on which she pays taxes of $7,000 . Determine her average tax rate and her marginal tax rate
a. Her average tax rate is 33 percent and her marginal tax rate is 20 percent.
b. Her average tax rate is 20 percent and her marginal tax rate is 33 percent.
c. Her average tax rate is 20 percent and her marginal tax rate is 20 percent.
d. Her average tax rate is 33 percent and her marginal tax rate is 33 percent.
b
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An export good is a good produced
A) in the United States and sold in other countries. B) in the United States and sold to foreigners living in the United States. C) in another country and purchased by U.S. residents. D) by foreigners in the United States and purchased by U.S. households. E) in another country and purchased by foreigners not residing in the United States.
________ occurs when economic benefits are distributed fairly
A) Productive efficiency B) Equality C) Allocative efficiency D) Equity
In the long-run ISLM model and with everything else held constant, the long-run effect of a fall in net exports is to ________ real output and ________ the interest rate
A) increase; increase B) increase; not change C) not change; increase D) not change; decrease
Cartels are unstable due to all of the following factors except which one?
A) incentive to act in self-interest B) incentive for each firm to serve as the whistle -blower C) entry of new firms into the market D) trade groups