If Theresa paid $5,000 in taxes last year on taxable income of $50,000, her effective tax rate wasGroup of answer choices0.1%10%20%1000%

Question

If Theresa paid $5,000 in taxes last year on taxable income of $50,000, her effective tax rate wasGroup of answer choices0.1%10%20%1000%
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Solution 1

To find the effective tax rate, you divide the total tax paid by the total income and then multiply by 100 to get a percentage.

Here's the step-by-step calculation:

  1. Theresa paid $5,000 in taxes.
  2. Her taxable income was $50,000.
  3. Divide the amount of tax paid by the taxable income: $5,000 / Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

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