The marginal tax rate and the average tax rate for a person who earns $70,000 will be $1,443 per month.
<h3>Marginal tax rate </h3>
The marginal tax rate is the amount of additional tax paid for every additional dollar earned as income. The average tax rate is the total tax paid divided by total income earned. A 10 percent marginal tax rate means that 10 cents of every next dollar earned would be taken as tax.
<h3>
Average tax rate </h3>
A taxpayer's average tax rate (or effective tax rate) is the share of income that they pay in taxes. By contrast, a taxpayer's marginal tax rate is the tax rate imposed on their last dollar of income. Taxpayers' average tax rates are lower — usually much lower — than their marginal rates.
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Answer:
$1,150
Explanation:
Domingo first has to pay the deductible ($500), then the copay ($50) and finally he must pay for 20% of the medical expenses resulting from the accident (= $3,000 x 20% = $600). So Domingo's total expenses will be = $500 + $50 + $600 = $1,150
The deductible is a fixed amount that needs to be paid by the insured before the insurance company starts to pay its share of medical bills.
The copay is a fixed amount paid for each health care service provided.
The 80/20 provisions means that the insured is responsible for paying 20% of the medical expenses.
Answer:
$1,140,000
Explanation:
A grantor retained annuity trust (GRAT) is used to lower taxes on financial gifts. After a certain time (it is not specified in the question) Paula's sons will receive the money left in the GRAT tax free.
To calculate Paula's taxable gift we have the total GRAT value minus the value of the annuity she retained for herself:
$2,000,000 - $860,000 = $1,140,000
<span>B. Leadership skills at times are not too apparent in individuals and most times the best leaders are not egotistical. It is important that an organisation has the capacity to allow its employees to use more initiative, making them feel the shared vision of the organisation and giving them room to be creative. The best leaders will surface eventually and naturally in these environments and especially when doing team tasks, you will see the stand outs.</span>
D: because it can't be C, B, A or because they have their own definition
