Question

if taxes are $2,000 when income is $15,000 and they are $3,000 when income is $19,000, then the marginal tax rate is

Answer 1

If taxes are $2,000 when income is $15,000 and they are $3,000 when income is $19,000, then the marginal tax rate is 25%.

What does the term "marginal tax rate" mean?

The amount of additional tax paid for each new dollar of income received is known as the marginal tax rate. Total taxes paid divided by total income earned is the average tax rate. For instance, a taxpayer with a taxable income of $24,750 will pay taxes at a rate of 10% on the first $19,900 of income and a rate of 12% on the remaining $5,000 since some of the income is subject to the 12% tax bracket.

What do you mean by income?

The amount of money, property, and other transfers of value received over a predetermined period of time in exchange for services or goods are often referred to as "income." Income is defined according to the context in which the notion is employed; there is no single, universal definition.

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