If your taxable income was $40,000 and you paid $3,000 in federal income tax, what was your average tax rate?
Fill in the blank(s) with the appropriate word(s).
ATR = taxes paid/taxable income = $3,000/$40,000 = 7.5 percent
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In the figure above, with international trade the United States ________ million T-shirts per year
A) imports 20 B) exports 20 C) imports 40 D) imports 60 E) exports 40 The figure above shows the U.S. market for airplanes, where SUS is the domestic supply curve and DUS is the domestic demand curve. The United States trades freely with the rest of the world. The world price of an airplane is $150 million.
If society is producing a combination of goods on its production possibilities frontier
a. it must be employing all available resources. b. it must be growing. c. it is using all the available natural resources but may not be using all available labor resources. d. Both a and b.