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Government G levies an income tax with the following rate structure: Percentage Rate Bracket 6 % Income from...

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Question

Accounting

Government G levies an income tax with the following ratestructure:

Percentage Rate Bracket

6 % Income from –0– to $30,000

10 Income from $30,001 to $70,000

20 Income from $70,001 to $200,000

28 Income in excess of $200,000

Taxpayer A’s taxable income is $190,700. Compute A’s tax andaverage tax rate. What is A’s marginal tax rate?

Taxpayer B’s taxable income is $762,200. Compute B’s tax andaverage tax rate. What is B’s marginal tax rate?

Answer & Explanation Solved by verified expert
3.8 Ratings (649 Votes)
Slab rate 0 to 30000 6 30001 to 70000 10 70001 to 200000 20 Above 200000 28 1 As Taxable Income 190700 Computation of As tax    See Answer
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