Guide to marginal and effective tax rates and How tax rates can achieve greater savings for married couples

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again

  1. How is the marginal tax rate defined?

  2. What is the tax benefit to being married?

  3. In what situation might you defer a tax deduction?

  4. What is the optimal decision from a tax perspective for a married couple?

  5. Which of the following is not a listed personal relief?

  6. Which of the following is not a contribution that is listed as eligible for tax relief or a tax deduction?

  7. Why is it better to be in a higher tax bracket when claiming relief?

  8. What does the acronym QCRnPR stand for?

  9. Why could tax breaks for married couples be seen as controversial?

  10. How is the effective tax rate defined?