Asked by Dalanie Krogman on May 19, 2024
Verified
A family with an average tax rate of 10% would have a marginal tax rate of _____ percent.
Marginal Tax Rate
The rate at which the last dollar of income is taxed, reflecting the percentage of additional income that is taken as tax.
Average Tax Rate
The proportion of total income that an individual or corporation pays in taxes, calculated by dividing the total taxes paid by total income.
- Become familiar with the arrangement and significance of diverse tax brackets and rates as they pertain to individuals and households.
Verified Answer
RE
Learning Objectives
- Become familiar with the arrangement and significance of diverse tax brackets and rates as they pertain to individuals and households.