Given the tax rate table below. For a person who has a taxable income of $70,000, what is the average tax rate this person will be charged? Taxable Income 0- 9,525 9,525- 38,700 38,700- 82,500 82,500- 157,500 157,500- 200,000 200,000- 500,000 500,000+ $ 16% 32% 14% 22% Tax Rate 10% 12 22 2235 24 37
Given the tax rate table below. For a person who has a taxable income of $70,000, what is the average tax rate this person will be charged? Taxable Income 0- 9,525 9,525- 38,700 38,700- 82,500 82,500- 157,500 157,500- 200,000 200,000- 500,000 500,000+ $ 16% 32% 14% 22% Tax Rate 10% 12 22 2235 24 37
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 43P
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Transcribed Image Text:Given the tax rate table below. For a person who has a taxable income of $70,000, what is
the average tax rate this person will be charged?
Taxable Income
16%
32%
14%
22%
Tax Rate
0-
9,525
10%
9,525 38,700
12
38,700- 82,500
22
82,500- 157,500
24
157,500 200,000
32
200,000- 500,000
35
500,000+
333
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