In taxland the first 5000 earned per year is exempt from, Ask an Expert

Economics

In Taxland, the first $5,000 earned per year is exempt from taxation. Between $5,000 and $20,000, the tax rate is 10 percent. Between $20,000 and $50,000, it’s 15 percent. Above $50,000, it’s 25 percent. You’re earning $75,000 a year.

Instructions: Round your answers to the nearest whole number.

a. How much in taxes will you have to pay?

b. What is your average tax rate?

percent.

c. What is your marginal tax rate?

percent.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91672015

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