Answered>Order 316

Federal payroll taxes. Marcus earns $70,000 per year in salary and another $20,000 per year in nonlabor income. What is his Average tax rate, and what is the marginal tax rate on his salary? A. His average tax rate is 17.19 percent and the marginal tax rate on his salary is 55 percent. B. His average tax rate is 50.23 percent and the marginal tax rate on his salary is 70.3 percent. C. His average tax rate is 53.63 percent and the marginal tax rate on his salary is 70.3 percent. D. His average tax rate is 55.79 percent and the marginal tax rate on his salary is 70.3 percent.