The person's marital status does not affect the amount that is deducted from his or her paycheck for taxes which is option C.
How are taxes calculated?
The effective tax rate is the percentage of income paid in taxes by a corporation or individual. It relates to the company’s overall tax rate rather than its marginal tax rate.
An effective tax rate typically applies to federal income taxes and doesn’t take into account state and local income taxes, sales taxes, property taxes, or other types of taxes that an individual might pay.
The effective tax rate calculation is a useful metric for benchmarking the effective tax rates of two or more entities.
Income statements offer a quick overview of the financial performance of a given company over a specified period of time, usually annually or quarterly.
On an income statement, you can view revenues from sales, cost of goods sold (COGS), gross margin, operating expenses, operating income, interest and dividend expenses, tax expense, and net income.
The income statement is the benchmark financial statement for determining the profitability of a company.
A company does not provide its actual percentage rate of taxation on the income statement. Still, you can figure out the effective tax rate by using the rest of the information on the income statement.
Therefore from the above assertions it is clear that option C, Marital status has no impact on taxes, is the correct option.
Learn more about Taxes, refer to:
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