Stephanie works 40 hours a week at a wage rate of $25. This, her total weekly income is $1000. On this income, she pays total taxes of $80.00. However, she calculates that on the last hour that she works, she pays $6.25. Stephanie's average tax rate is nothing%. (Round your response to two decimal places.) Stephanie's marginal tax rate is nothing%. (Round your response to two decimal places.)

Stephanie's marginal tax rate is 15%.

Explanation:

The Average tax rate is 8%

she pays $3.75 as the tax on $25 which makes tax rate at this point                           =3.75/25

= 15%

The Marginal tax rate is the percentage of income that has to be paid as tax as a result of a change in the income bracket.

For instance, if tax rate until $1-$1000 is 10%

and for $1000 and above is 20%.

So for every $ earned over and above $1000.The marginal tax rate for that sum is 20%.

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