Consider the following new hypothetical tax code: The standard deduction and personal exemption still apply; the tax rate on the first $115,000 of taxable income is 15% and the tax rate on any additional income is 41% For which of the following ranges of total income is the tax bill higher under the Real Tax Code (for tax year 2020) than the hypothetical tax code? From $82,829.02 to $200,088.45 O From $72,542.86 to $153,455.88 O From $89,647.52 to $176,559.46 O The tax bill is always higher under the Real Tax Code. D Question 4 1 pts Under the Real Tax Code (for tax year 2020), if you plotted the graph of the amount of tax paid as a function of total income, what would be the slope of the graph at the point where total income is $93,925 a year? O 0.1 O 0.12 0.22 0.24 Now that you have your spreadsheet working, use the real tax brackets. You may need to adjust your formulas from the hypothetical tax codes so that you can drag your formulas in a way that handles all the brackets correctly. Here are the actual tax brackets for the 2020 tax year for a single tax filer: For taxable income from $0 to $9,875, you pay 10% of it in taxes, plus For taxable income from $9,875 to $40,125, you pay 12% of it in taxes, plus For taxable income from $40,125 to $85,525, you pay 22% of it in taxes, plus For taxable income from $85,525 to $163,300, you pay 24% of it in taxes, plus For taxable income from $163,300 to $207,350, you pay 32% of it in taxes, plus For taxable income from $207,350 to $518,400, you pay 35% of it in taxes, plus For taxable income above $518,400, you pay 37%