Briana,who Is Single,has Taxable Income for the Current Year of $78,000,resulting

question 108

Multiple Choice

Briana,who is single,has taxable income for the current year of $78,000,resulting in a total tax of $15,271.Her total economic income is $98,000.Briana's average tax rate and effective tax rate are,respectively,

• A)19.58% and 15.58%.
• B)25% and 28%.
• C)19.58% and 25%.
• D)15.58% and 19.58%.

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Definitions:

Emancipated

Refers to a minor who has been legally freed from control by their parents or guardians, obtaining adult rights and responsibilities.

Legal Capacity

The ability of an individual or entity to enter into legally binding contracts, subject to age, mental competency, and other legal qualifications.

Superior Bargaining Power

A situation where one party in a negotiation or contractual relationship has significantly more influence, resources, or information, potentially leading to an imbalance in the terms agreed upon.

Minor's Right

Minor's Right refers to the legal protections and entitlements specifically granted to individuals under the age of legal majority, often including protections in contracts and employment.