12. georgia completed her taxes and found that she owes $1,941 in federal taxes. if her taxable income for…

12. georgia completed her taxes and found that she owes $1,941 in federal taxes. if her taxable income for the year was $16,175, what is her effective tax rate?\n10%\n12%\n18%\n22%\n13. jorge made $85,000 last year as a junior consultant for a prestigious law firm placing him in the 22% tax bracket. what is true about jorges marginal and effective tax brackets?\nhis marginal tax bracket is 22%, and his effective tax bracket is less than 22%\nhis marginal tax bracket is less than 22%, and his effective tax bracket is 22%\nhis marginal tax bracket and his effective tax bracket are both less than 22%\nhis marginal tax bracket and his effective tax bracket are both 22%

12. georgia completed her taxes and found that she owes $1,941 in federal taxes. if her taxable income for the year was $16,175, what is her effective tax rate?\n10%\n12%\n18%\n22%\n13. jorge made $85,000 last year as a junior consultant for a prestigious law firm placing him in the 22% tax bracket. what is true about jorges marginal and effective tax brackets?\nhis marginal tax bracket is 22%, and his effective tax bracket is less than 22%\nhis marginal tax bracket is less than 22%, and his effective tax bracket is 22%\nhis marginal tax bracket and his effective tax bracket are both less than 22%\nhis marginal tax bracket and his effective tax bracket are both 22%

Answer

Explanation:

Step1: Recall the formula for effective - tax rate

The formula for the effective tax rate is $\text{Effective Tax Rate}=\frac{\text{Tax Amount}}{\text{Taxable Income}}\times100%$.

Step2: Substitute the given values

We are given that the tax amount is $$1,941$ and the taxable income is $$16,175$. So, $\text{Effective Tax Rate}=\frac{1941}{16175}\times 100%$.

Step3: Calculate the value

$\frac{1941}{16175}\times100% \approx 0.12\times100%=12%$.

Answer:

12%

Explanation:

In a progressive - tax system, the marginal tax rate is the rate at which the last dollar of income is taxed. The effective tax rate is the average rate of tax paid on all income. Since the tax system is progressive, the effective tax rate is always less than or equal to the marginal tax rate. If Jorge is in the 22% tax bracket, his marginal tax rate is 22%, and his effective tax rate is less than 22%.

Answer:

His marginal tax bracket is 22%, and his effective tax bracket is less than 22%