Tax brackets for taxable income

Reference no: EM131007503

1. The Coolidge family had taxable income of $165,000 in 2006. They live in a state in which income over $100,000 is taxed at 11%. What was their total effective (marginal) tax rate?

2. Use the following tax brackets for taxable income:

Bracket	Tax Rate
$0-$10,000	15%
$10,000-$50,000	25%
$50,000-$250,000	30%
Over $250,000	35%

Compute the average tax rate for the following taxable income amounts:

a. $20,000

b. $125,000

c. $350,000

d. $1,000,000

Reference no: EM131007503

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