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3) Suppose you are a financial manager for the High Fly Corporation. You earned taxable income of $277,000. Based on the following tax brackets, what

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3) Suppose you are a financial manager for the High Fly Corporation. You earned taxable income of $277,000. Based on the following tax brackets, what is your average federal tax rate for year 2020? Federal Personal Income Tax Brackets and Tax Rates 2020 Taxable income Tax Rate First $48,535 15.0% Over 48,535 up to $97,069 20.5% Over $97,069 up to $150,473 26.0% Over 150,473 up to $214,368 29.0% Over $214,368 33.0%

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