Asked by Najia Calhoun on May 06, 2024
Verified
If your marginal tax rate is higher than your average tax rate on the federal personal income tax,that means that your marginal tax rate must be at least _____ percent.
Marginal Tax Rate
The rate at which the last dollar of income is taxed, reflecting the percentage of additional income that must be paid in taxes.
Average Tax Rate
The ratio of the total amount of taxes paid by an individual or business to the total income or profit earned.
- Grasp the essentials and value of marginal and average tax rates in the American taxation system.
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Learning Objectives
- Grasp the essentials and value of marginal and average tax rates in the American taxation system.