Melodie's taxable income is $38,000 and she pays income tax of $4,370. If Melodie's taxable income increases to $40,000, she would pay taxes of $4,740. What is Melodie's marginal tax rate?

A. 22%
B. 18.5%
C. 12%
D. 14.66%
E. Some other amount

Ans: B. 18.5%

Business

You might also like to view...

Animals such as pets are considered to be tangible personal property

Indicate whether the statement is true or false

Business

In Herzberg's view, removing a factor of dissatisfaction makes a person more satisfied with his or her job

Indicate whether the statement is true or false.

Business