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13 May, 09:04

A person with taxable income of $40,000 and a total tax bill of $4,200 would have an average tax rate of 15%.

a. True

b. False

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  1. 13 May, 09:14
    0
    The answer to this question would be false as $4200 is only 10.5% of $40000. The reason it is 10.5% and not 15% is because if you take $40000 and divide it by 15% you would get $6000. In order to get a $4200 tax bill you would have to take $40000 and divide by 10.5%.
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