Refer to the table below: 2020 Tax Data Tax Bracket $0-9,875 $9,876-40,125 $40,126-85,525 $85,526-163,300 $163,301-207,350 $207,351-518,400 Over $518,400 Marginal Tax Rate 10% 12% 22% 24% 32% 35% 37% Compute the taxes on a taxable income of $30,000 Instructions: For part a, enter your response as a whole number. For part b, round your response to one decimal place a. What is the marginal tax rate? b. What is the nominal tax rate? 249 %

Refer to the table below: 2020 Tax Data Tax Bracket $0-9,875 $9,876-40,125 $40,126-85,525 $85,526-163,300 $163,301-207,350 $207,351-518,400 Over $518,400 Marginal Tax Rate 10% 12% 22% 24% 32% 35% 37% Compute the taxes on a taxable income of $30,000 Instructions: For part a, enter your response as a whole number. For part b, round your response to one decimal place a. What is the marginal tax rate? b. What is the nominal tax rate? 249 %

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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