In Taxland, the first $10,000 earned per year is exempt from taxation. Between $10,000.01 and $30,000, the
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In Taxland, the first $10,000 earned per year is exempt from taxation. Between $10,000.01 and $30,000, the tax rate is 25 percent. Between $30,000.01 and $50,000, it’s 30 percent. Above $50,000, it’s 35 percent. You’re earning $80,000 a year.
a. How much in taxes will you have to pay?
b. What is your average tax rate?
c. What is your marginal tax rate?
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a To calculate the amount of taxes youll have to pay we need to determine the tax owed for each inco...View the full answer
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