1.1.2 [related to the Economics in Practice on p. 425] Using the tax brackets and rates for...

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1.1.2 [related to the Economics in Practice on p. 425] Using the tax brackets and rates for 2014 on p. 425, compute the total tax for each of the following income levels for a single taxpayer. In each case, calculate average and marginal tax rates. Assume that in each case the taxpayer chooses the standard deduction and qualifies for a single exemption.

a. Gross income = $35,000

b. Gross income = $70,000

c. Gross income = $125,000

d. Gross income = $250,000

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Principles Of Economics

ISBN: 9780802845610

12 Global Edition

Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster

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