Final answer:
The effective tax rate is calculated by dividing the total tax paid by the taxable income. Without the exact tax amount for an income of $23,470, the effective tax rate cannot be determined accurately. Additional information from tax brackets and rates for the specific year is required.
Step-by-step explanation:
To determine the effective tax rate, we need to know the total tax paid and divide it by the taxable income. In the given information, we don't have the exact tax paid on a $23,470 income. However, using the example provided for a $20,000 income where the tax paid is $2,581.25, the effective tax rate can be calculated as follows:
Effective Tax Rate = Total Tax Paid / Taxable Income
= $2,581.25 / $20,000
= 0.1290625 or 12.91% (rounded to nearest hundredth)
This example shows how to calculate the effective tax rate, but it doesn’t directly answer the student’s question since we don’t know the exact tax paid on $23,470. Without additional tax information for the specific taxable income of $23,470, we cannot determine the exact effective tax rate. One would typically consult tax tables or use the progressive tax brackets to calculate the total tax due for that income level. It’s important to note that as income increases within a tax bracket, the marginal rate might increase, but this would need to be calculated based on that year's specific tax bracket thresholds and rates.