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Hunter-Best [27]
3 years ago
14

arlene is single and ahas taxable income of $34000. her tax liability is currently $4636. she has the opportunity to earn an add

itional $6000 this year. her tax liability will grow to $5771 if she receives the additional income. what is arlene's marginal tax rate for the additional $6000?
Business
1 answer:
Kipish [7]3 years ago
7 0

Answer:

The marginal tax rate for the additional $6000 is 15.58%.

Explanation:

Arlene has a taxable income of $34,000.

Her tax liability is currently $4636.

Her income is to be increased by $6000.

Her tax liability will increase to $5571.

Marginal tax rate

= \frac{change\ in\ tax}{change\ in\ taxable\ income}

= \frac{5571 - 4636}{6000}

= \frac{935}{6000}

= 0.1558

So the marginal tax rate is 15.58%.

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