Questions: Tax Brackets and Marginal Rates

5 questions to test your understanding

Score: 0 / 5
Question 1 Multiple Choice

Sam earns $50,000 and falls in the 22% bracket. He receives a $2,000 raise, pushing his income to $52,000. What happens to his tax bill as a result of the raise?

AAll $52,000 is now taxed at 22%, significantly increasing his total tax
BOnly the $2,000 raise is taxed at 22%; his tax on the original $50,000 is completely unchanged
CHe owes no tax on the raise because it is a small amount
DHis effective rate rises to 22% on his entire income, wiping out the raise
Question 2 Multiple Choice

A person with $90,000 in taxable income has a marginal rate of 24% and paid $15,000 in total federal taxes. What is their effective tax rate?

A24%, because that is the rate of their highest bracket
BAbout 16.7%, because effective rate = total tax ÷ total income
C12%, because lower brackets always dominate
DCannot be determined without knowing the exact breakdown of each bracket
Question 3 True / False

Your effective tax rate is always lower than your marginal tax rate.

TTrue
FFalse
Question 4 True / False

Getting a raise that pushes you into a higher tax bracket can result in less take-home pay than before the raise.

TTrue
FFalse
Question 5 Short Answer

Explain why a raise that moves you into a higher tax bracket never results in lower take-home pay.

Think about your answer, then reveal below.