Melodies taxable income is $40,000 and she pays income tax of $5,800. If Melodies taxable income increases

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Melodie’s taxable income is $40,000 and she pays income tax of $5,800. If Melodie’s taxable income increases to $41,000, she would pay income taxes of $6,050. What is Melodie’s marginal tax rate?

a. 14.66%
b. 25.00%
c. 14.91%
d. 15.00%
e. Some other amount

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Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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Question Posted: Aug 29, 2023 09:52 AM

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Melodies taxable income is $40,000 and she pays income tax of $5,800. If Melodies taxable income increases

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To calculate Melodies marginal tax rate we can use the change in income tax divided b...View the full answer

Income Tax Fundamentals 2017

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