Country A has a tax rate of 5% on the first $20,000 of taxable income,...
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Accounting
Country A has a tax rate of 5% on the first $20,000 of taxable income, then 20% on the next $30,000, then 50% on all taxable income above $50,000. Country A provides a $10,000 standard deduction.
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Person B earns $60,000 per year. He saves $5,000 in an 401(k). Calculate his top marginal tax rate and average tax rate.
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Person C earns $100,000 per year. She save $10,000 in a 401(k). Rather than use the standard deduction, she itemizes her deductions because she gives $15,000 to charity each year. Calculate the her top marginal rate and average tax rate.
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