Answer:
a. 24%
b. 12%
Explanation:
Marginal tax rate is an incremental tax rate that is paid out of the taxable income of a tax payer. It represents the rate at which the last unit of dollar of the taxable income is taxed. The marginal rate for each income bracket is supplied by the Internal Revenue Service (IRS).
Chuck Marginal Tax Rate
a) The marginal tax rate for Chuck if he earns additional $40,000 taxable income will be:
= $75,000 + $40,000
= $115,000
Marginal tax rate for $115,000 is 24% according IRS tax rate schedule.
b) If instead, it is an additional deduction of $40,0000, the marginal tax rate will be:
= $75,000 - $40,000
= $35,000
The marginal tax rate for taxable income of $35,000 is 12% according US tax rate schedule.
Note: the interest is categorized as interest from municipal bond, so it is tax free.
It is also assumed that Chuck is single. Hence, tax rate under single filer applies to him.
Here are the four major needs:
Price elasticity can be calculated using the attached formula where:
the first term represents the % change in quantity and the second term represents the % change in price
% change in quantity = (100-120) / (220/2) = -2/11 x 100 = -18.1818%
% change in price = (7-5) / (12/2) = 33.3333%
price elasticity = 18.1818/33.3333 = 0.55Note that the price elasticity is usually taken as an absolute value.
Answer:
The annual interest rate is 156 percent
Explanation:
If 6.00 percent interest for a two-week period then annual interest rate =
rate for a two-week period * (52 weeks/ 2 weeks) = 0,06 * 26 = 1,56
1,56 * 100 = 156 percent for a year period
<u>Note</u>: One year have 52 weeks
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