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Problem 02-10 (Algo) [LO 2-7] Government G levies an income tax with the following rate structure: Percentage Rate 6% 10 Bracket Income from -0-
Problem 02-10 (Algo) [LO 2-7] Government G levies an income tax with the following rate structure: Percentage Rate 6% 10 Bracket Income from -0- to $30,000 Income from $30,001 to $70,000 Required: 20 28 Income from $70,001 to $200,000 Income in excess of $200,000 a. Taxpayer A's taxable income is $178,300. Compute A's tax and average tax rate. What is A's marginal tax rate? b. Taxpayer B's taxable income is $661,800. Compute B's tax and average tax rate. What is B's marginal tax rate? Complete this question by entering your answers in the tabs below. Required A Requin B Required B Taxpayer A's taxable income is $178,300. Compute A's tax and average tax rate. What is A's marginal tax rate? Note: Round your percentage answers to 2 decimal places and other answers to the nearest whole dollar amount. Income tax Average tax rate Taxpayer A % Marginal tax rate %
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