Which of the Following Statements Is Correct for an Individual

question 85

Multiple Choice

Which of the following statements is correct for an individual with a net income of $50,000.00,a tax liability of $10,704.50,and a 28% marginal tax rate?

• A) The average tax rate is 17.63%.
• B) The average tax rate is 21.41%.
• C) The average tax rate is 28.00%.
• D)The average tax rate is unknown but greater than the marginal tax rate.

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Definitions:

Mental Operations

In Piaget’s theory, the mental process of combining, separating, or transforming information in a logical manner.

Logical Manner

A method of reasoning or problem-solving in a clear, structured, and coherent way.

Schemas

Cognitive frameworks or concepts that help individuals organize and interpret information, guiding how they perceive and respond to their environment and experiences.

Object Permanence

The understanding that objects have substance, maintain their identity when their location is changed, and ordinarily continue to exist when out of sight.