1. The following table gives the 2013 federal income tax rates for a single individual. Income Rate...
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1. The following table gives the 2013 federal income tax rates for a single individual. Income Rate $0 to $8,925 10% $8,925 to $36,250 15% $36,250 to $87,850 25% $87,850 to $183,250 28% $183,250 to $398,350 33% $398,350 to $400,000 35% $400,000 and above 39.60%
a. Calculate the total tax payable for an individual who earns $250,000 a year.
b. What is the marginal tax rate?
c. Calculate the average tax rate.
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