Asked by Natali Hernandez-Chavez on May 19, 2024
Verified
If your taxable income was $50,000 and you had an average tax rate of 20 percent,how much tax did you pay?
Average Tax Rate
The fraction of an individual's total income that is paid in taxes, calculated by dividing the total taxes paid by total income.
Taxable Income
the amount of income used to determine how much tax an individual or a company owes to the government, after deductions and exemptions.
- Discern between the concepts and calculations of average and marginal tax rates.
Verified Answer
MG
Learning Objectives
- Discern between the concepts and calculations of average and marginal tax rates.