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Consider a tax credit computed as 20 percent of an individual's income up to a maximum credit amount of $6,000. This benefit is clawed back
Consider a tax credit computed as 20 percent of an individual's income up to a maximum credit amount of $6,000. This benefit is clawed back at a rate of 10 percent of the individual's income exceeding $100,000. At what minimum income level is the maximum credit paid? At what income level is the credit reduced to zero? [Please enter your numeric answers in the spaces provided. If necessary, please round your answer to the nearest dollar. Do not put commas or dollar signs.] The maximum credit is first reached when income is $50000. The credit is reduced to zero when income reaches $X100000. Answer Key:30000,160000
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