The Poverty Line for a Single Person Is Currently Defined

question 28

Multiple Choice

The poverty line for a single person is currently defined as having an income of less than approximately ________ per year.

• A) $20,000
• B) $18,000
• C) $15,000
• D) $11,500
• E) $9,000

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Definitions:

Marginal Tax Rate

The rate at which the last dollar of income is taxed, reflecting the percentage of additional income that is taken as tax.

Average Tax Rate

The proportion of total income that an individual or corporation pays in taxes, calculated by dividing the total taxes paid by total income.

Marginal Federal Income Tax

The rate at which the last dollar of a taxpayer's income is taxed by the federal government.

Federal Tax Revenue

Revenue the federal government receives from taxes, including income tax, corporate tax, and other taxes.