195k views
2 votes
What is the tax rate?
1) 20%
2) 25%
3) 30%
4) 35%

User Matthewgdv
by
8.7k points

1 Answer

3 votes

Final answer:

The United States employs a progressive tax system where marginal tax rates range from 10% to 35% for single taxpayers, increasing with higher income and influenced by factors such as marital status and family size.

Step-by-step explanation:

The marginal tax rates for a single taxpayer in the United States are progressive, meaning they increase as income increases. These rates can range from 10% for lower-income individuals up to 35% for higher-income individuals. However, the tax rate applied to any individual's income will change depending on other factors, such as marital status and family size. The progressive tax system ensures that as a person's income rises, the percentage of taxes paid also increases until it reaches a maximum rate. The marginal tax rate, which is of particular importance, is the rate at which your last dollar of income is taxed and can significantly differ from your average tax rate, which is the total tax paid divided by total income.

User Luke Wage
by
8.1k points

No related questions found