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Quiz 1 w answers - ×($59,400 $14,600 0.25 ×($95,000...

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Quiz 1 BUSI 105 Spring 2008 Name_______________________________ A married couple earned $95,000 in 2005. How much did they pay in taxes? (Show your calculations) Note:  Use the tax rates found on page 63 of the textbook Taxes = (0.10  ×  $14,600) + 0.15 
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Unformatted text preview: × ($59,400 - $14,600) + 0.25 × ($95,000 - $59,400) = $17,080 What were their marginal and average tax brackets? Average tax rate = $17,080/$95,000 = 0.1798 = 17.98% Marginal tax rate = 25%...
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