Table 154 Table 154 Shows the Income Tax Brackets and Tax Rates for \text

question 62

Multiple Choice

Table 15.4
$\begin{array}{|c|c|}\hline \text { Income Tax Bracket } & \text { Marginal Tax Rate } \\\hline \$ 0-8,000 & 12 \% \\\hline 8,001-22,000 & 17 \% \\\hline 22,001-48,000 & 25 \% \\\hline 48,001 \text { and over } & 38 \% \\\hline\end{array}$
Table 15.4 shows the income tax brackets and tax rates for single taxpayers in Madeupistan.
-Refer to Table 15.4.Sasha is a single taxpayer with an income of $60,000.What is his marginal tax rate and what is his average tax rate?

• A)marginal tax rate = 38%; average tax rate = 23%
• B)marginal tax rate = 17%; average tax rate = 21%
• C)marginal tax rate = 38%; average tax rate = 24%
• D)marginal tax rate = 23%; average tax rate = 38%

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Definitions:

Lessor

(1) A person who transfers the right to possession and use of goods under a lease. (2) The owner of a rental property. Also called landlord.

Lessee

(1) A person who acquires the right to possession and use of goods under a lease. (2) The party who assumes temporary ownership of a rental property. Also called tenant.

Federal Law

Legislation enacted by the national government of a country that applies to all of its states or territories.

Lease Term

The duration of a lease agreement, specifying the start and end date, during which the lessee has the right to use the leased property.