What is your average federal tax rate

Reference no: EM13267779

Imagine that your total gross income for the year is 102.3 thousand. After all the deductions and exemptions, you find that your taxable income is 83.2 thousand. Assume the federal tax brackets are as follows:

0-9k: 10%
9-36k: 15%
36-88k: 25%
88-183k: 28%
183-398k: 33%

What is your average federal tax rate? (What percent of your gross income is lost via taxes?)

Enter answer in percents, accurate to 2 decimal places.

Reference no: EM13267779

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