opic 4 Homework (Ch 04) Back to Assignment Attempts 1.4 Keep the Highest 1.4/3 10. Understanding marginal and average tax rates Using the information provided on the income tax systems in two hypothetical countries, Country A and Country B, complete the following tables. Country A Taxable Income Tax Liability (Dollars) (Dollars) 20,000 2,000.00 40,000 4,000.00 60,000 6,000.00 Country B Taxable Income Tax Liability (Dollars) (Dollars) 20,000 $1,000 40,000 $4,000 60,000 $12,000 Complete the following table by deriving the marginal tax rates in the income ranges of $20,000 to $40,000 and $40,000 to $60,000 for each country Country A Marginal Tax Rate (Percent) Country B Marginal Tax Rate (Percent) Taxable Income Range (Dollars) 20,000 to 40,000 40,000 to 60,000 40,000 to 60,000 Complete the following table by deriving the average tax rates at each Income level for each country. Taxable Income Country A Average Tax Rate Country B Average Tax Rate (Dollars) (Percent) (Percent) 20,000 40,000 60,000 Complete the following table by indicating whether each country has a progressive, proportional, or regressive income tax system, Progressive Proportional Regressive Country A Country B Grade it Now Save & Continue Continue without saving MacBook Air