Melodies taxable income is $39,000 and she pays income tax of $4,475. If Melodies taxable income increases

Question:

Melodie’s taxable income is $39,000 and she pays income tax of $4,475. If Melodie’s taxable income increases to $43,000, she would pay income taxes of $5,077. What is Melodie’s marginal tax rate?

a. 17.00%

b. 22.00%

c. 18.25%

d. 15.05%

e. Some other amount

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Income Tax Fundamentals 2023

ISBN: 9780357719527

41st Edition

Authors: Gerald E. Whittenburg, Steven Gill

Question Posted: