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16.3 Text Problem 8 Consider the following tax structure: Income Bracket Marginal Tax Rate $0 - $2,000 0% $2,000 - $30,000 25% > $30,000 30%

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16.3 Text Problem 8 Consider the following tax structure: Income Bracket Marginal Tax Rate $0 - $2,000 0% $2,000 - $30,000 25% > $30,000 30% a. Mr. Smith has an income of $50,000 per annum. Calculate his tax bill for the year: $ 13000 b. What is his average tax rate? 26.00 % (Round to two decimal places.) c. What is his highest marginal tax rate? 30%

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