What were her marginal and average tax rates

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The income tax requires that taxpayers pay 10 percent on the first $50,000 of income and 20 percent on all income over $50,000. Elizabeth paid $9,250 in taxes. What were her marginal and average tax rates?

  • 20 percent and 13 percent, respectively
  • 15 percent and 12 percent, respectively
  • 20 percent and 11 percent, respectively
  • 10 percent and 12 percent, respectively

Reference no: EM131974538

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