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1. (1pt) Assume you are a single individual with $114,000 in taxable income. Calculate your income taxes using the 2020 federal income tax brackets (Table

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1. (1pt) Assume you are a single individual with $114,000 in taxable income. Calculate your income taxes using the 2020 federal income tax brackets (Table 1 in Slide 2-21). What is the average tax rate? What is the marginal tax rate? Which tax rate is used for decision making

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