The Lin household's annual income is $188000. Based on the U. S. federal tax rates below, what is the average tax rate for the Lin household? (Assume zero tax deductions for solving this problem.)

A. 45%

B. 24.41%

C. 22.22%

D. 33%

Question

Business

Rohan Benson

25 May, 10:26

The Lin household's annual income is $188000. Based on the U. S. federal tax rates below, what is the average tax rate for the Lin household? (Assume zero tax deductions for solving this problem.)

A. 45%

B. 24.41%

C. 22.22%

D. 33%

+1

Answers (1)

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Paris · Answer 1

24%

Explanation:

For the taxes due on April 2020 (current year taxes):

The Lin household falls under the fourth tax bracket for married individuals filing jointly:

tax rate 24% Income between $171,051 to $326,600

If no deductions were available, they would owe $188,000 x 24% = $45,120 in taxes.

The Lin household's annual income is $188000. Based on the U. S. federal tax rates below, what is the average tax rate for the Lin household? (Assume zero tax deductions for solving this problem.)A. 45%B. 24.41%C. 22.22%D. 33%

The Lin household's annual income is $188000. Based on the U. S. federal tax rates below, what is the average tax rate for the Lin household? (Assume zero tax deductions for solving this problem.)

A. 45%

B. 24.41%

C. 22.22%

D. 33%