Refer to the table. If your taxable income is $8,000, your average tax rate is:
A. 25 percent and the marginal rate on additional income is also 25 percent.
B. 25 percent and the marginal rate on additional income is 40 percent.
C. 25 percent and the marginal rate on additional income cannot be determined from the
information given.
D. 20 percent and the marginal rate on additional income is 30 percent.
B. 25 percent and the marginal rate on additional income is 40 percent.
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Under what circumstances will the law of one price hold, and when might it not hold?
What will be an ideal response?
Economic analysis assumes that, for each output level, the firm
a. operates at minimum point of its average total cost curve b. operates at minimum point of its long-run average total cost curve c. seeks lowest possible cost of producing that quantity of output d. produces at maximum point of its total revenue curve e. produces at maximum point of its total product curve