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Michael has an advantage tax rate of 28% and a marginal tax rate of 31%. Michael has already earned $463,000 pre-tax income so far this

Michael has an advantage tax rate of 28% and a marginal tax rate of 31%. Michael has already earned $463,000 pre-tax income so far this year. Michael has the opportunity to earn another $85,000 in pretax income before the year ends. If Michael takes the opportunity to earn additional income, what would be the total amount Michael will owe at the end of the year? Round percentage to two decimal places.

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