+ 4. Please use the following 2020 tax brackets to answer parts a-b. (9 points total) 2020 Tax Rates, Single Individual Taxable Income Tax Payable $0 - $9,875 10% of TI $9,875 - $40,125 $987.50 12% of (TI- 9,875 ) $40,125 $85,525 $4,617.50 + 22% of (TI - 40,125 $85,525 $163,300 $14,605.50 + 24% of (TI- 85,525 ) $163,300 - $207,350 $33,271.50 + 32% of (TI - 163,300) $207,350 - $518,400 $47,367.50 + 35% of (TI- 207,350) $518,400 - Infinity $156,235.00 + 37% of (TI - 518,400) a. Assume that Caitlin has a taxable income of $500,000. What is her tax bill? (4 points) b. Would Caitlin prefer to get an additional tax deduction of $100,000 or an additional tax credit of $35,000? (5 points)