“Marginal tax rates. Using the tax rate schedule given in Table 1

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“Marginal tax rates. Using the tax rate schedule given in Table 1

 

“Marginal tax rates. Using the tax rate schedule given in Table 1.2, perform the following:

a.   Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $15,000; $60,000; $90,000; $150,000; $250,000; $450,000; and $1 million.
b.   Plot the marginal tax rates (measured on the y-axis) against the pretax incomelevels (measured on the x-axis). Explain the relationship between these variables.

Table 1.2    2018 Tax Rate Schedule for Single Taxpayer
Tax calculation
Base tax       (Marginal rate × amount over bracket lower limit)
Taxable income brackets
$0   to    $9,525   $0      10%   × amount over    $0
$9,525   to    $38,700   $953      12%   × amount over    $9,525
$38,700   to    $82,500   $4,454      22%   × amount over    $38,700
$82,500   to    $157,500   $14,090      24%   × amount over    $82,500
$157,500   to    $200,000   $32,090      32%   × amount over    $157,500
$200,000   to    $500,000   $45,690      35%   × amount over    $200,000
Over    $500,000           $150,690      37%   × amount over    $500,000

 

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“Marginal tax rates. Using the tax rate schedule given in Table 1

Best "Marginal tax rates. Using the tax rate schedule given in Table 1

“Marginal tax rates. Using the tax rate schedule given in Table 1