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1. The Coolidge family had taxable income of $165,000 in 2006. They live in a state in which income over $100,000 is taxed at 11%. What was their total effective (marginal) tax rate?

2. Use the following tax brackets for taxable income:

Bracket

Tax Rate

$0-$10,000

15%

$10,000-$50,000

25%

$50,000-$250,000

30%

Over $250,000

35%

Compute the average tax rate for the following taxable income amounts:

a. $20,000

b. $125,000

c. $350,000

d. $1,000,000

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M91723208

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