Determine your marginal and average tax rates

Reference no: EM131013648

Suppose in Fiscalville there is no tax on the first $10,000 of income, but earnings between $10,000 and $20,000 are taxed at 20 percent and income between $20,000 and $30,000 at 30 percent. Any income above $30,000 is taxed at 40 percent. If your income is $50,000, how much in taxes will you pay? Determine your marginal and average tax rates. Is this a progressive tax?

Reference no: EM131013648

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