What is his average tax rate

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Problem

Suppose the tax table for single individuals is given below: Taxable income Tax on base of bracket Rate on amount above base $0 - 10,000 $0 10% $10,000 - 40,000 $1,000 12% $40,000 - 85,000 $4,600 22% $85,000 - 160,000 $14,500 24% $160,000 - 200,000 $32,500 32% $200,000 - 500,000 $45,300 35% $500,000 and up $150,300 37% Suppose Omar's taxable income this year is $167,000. Get the instant assignment help. What is his average tax rate?

Reference no: EM133976721

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