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Below is the federal tax table for 2019. Calculate the income tax paid for a person making $50,000 and $125,000 (4 marks) 15% on
Below is the federal tax table for 2019. Calculate the income tax paid for a person making $50,000 and $125,000 (4 marks) 15% on the first $47,630 of taxable income, plus 20.5% on the next $47,629 of taxable income (on the portion of taxable income over 47,630 up to $95,259), plus 26% on the next $52,408 of taxable income (on the portion of taxable income over $95,259 up to $147,667), plus 29% on the next $62,704 of taxable income (on the portion of taxable income over 147,667 up to $210,371), plus .33% of taxable income over $210,371
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