Question

The martinez household’s annual income is $217000. based on the u.s. federal tax rates below, what is the average tax rate for the martinez household? (assume zero tax deductions for solving this problem.)

Answer 1

Without specific tax brackets and information on deductions, it's not possible to calculate the exact average tax rate for the Martinez household with an annual income of $217,000. Generally, the average tax rate is the total tax paid divided by the total taxable income.

Step-by-step explanation:

To determine the Martinez household's average tax rate from their annual income of $217,000, we need to know the specific tax brackets they fall into. However, as we are given the information that the top 1% of households, with an average income of $1,219,700, paid an average federal tax rate of 28.9%, we can infer that the Martinez household will likely have a lower average tax rate since their income is less than the mentioned top 1%. Without the specific tax brackets for the year in question and additional details such as deductions or tax credits, we cannot calculate the exact average tax rate for the Martinez household. In general, the average tax rate is computed by dividing the total tax paid by the total taxable income.