Table 12-2
Consider the Tax Rates Shown in the Table

question 49

Multiple Choice

Table 12-2
Consider the tax rates shown in the table below.
$$\begin{array} { | c | c | } \hline \text { Tax Rate } & \text { Income Range } \\\hline 8 \% & 0 - 15,000 \\\hline 16 \% & 15,000 - 35,000 \\\hline 24 \% & 35,000 - 75,000 \\\hline 34 \% & 75,000 - 145,000 \\\hline 36 \% & 145,000 - 330,000 \\\hline 38 \% & \text { over } 330,000 \\\hline\end{array}$$
-Refer to Table 12-2.If Mateo has taxable income of 165,000 dinar,his marginal tax rate is

• A)16%.
• B)24%.
• C)34%.
• D)36%.

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Definitions:

360-Day Year

An accounting simplification that assumes there are 360 days in a year to facilitate easier interest calculations.

Direct Write-Off Method

An accounting practice where bad debts are written off against income at the time they are determined to be uncollectible, instead of being provided for in advance.

Account Receivable

Funds that customers owe a company for products or services provided on credit.

Dishonored Note

A promissory note that has not been paid by the maker at the maturity date.