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pls help asap 1. Suppose there is a simple progressive tax system that says you pay 10% for income up to $10,000, 25% for income
pls help asap
1. Suppose there is a simple progressive tax system that says you pay 10% for income up to $10,000, 25% for income between $10,000 and $50,000, and 35% for all income above $50,000. Mr. Campbell has income of $82,000. Mrs. Campbell has income of $55,000. The personal allowance (or exemption) is $5,000 per person. (A) What is Mr. Campbell's individual tax liability? Mrs. Campbell's? (B) What is their liability if they file a joint return and the tax rates, brackets, and allowances remain the same? (C) Is there a marriage penalty? If so, how much is it Step by Step Solution
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