Question 3: Taxes 3. a Marginal vs. Average Tax Rates (Lecture 30) The following are the income tax rates and brackets' for B.C. in 2021: Taxable Income - 2021 Brackets Tax Rate 50 to 542,184 5.06% $42,184.01 to $84,369 7.70% $84,369.01 to $96,866 10.50% 596,866.01 to $117,623 12.29% $117,623.01 to $159,483 14.70% $159,483.01 to $222,420 16.80% Over $222,420 20.5% Suppose Sam's taxable income is equal to the baseline income for Vancouver from Project 1, and that Sam only pays B.C. taxes as shown above. What is Sam's marginal tax rate? Briefly explain your reasoning. Marginal tax rate: 96 [Reasoning] What is Sam's average tax rate? Briefly explain your reasoning. Average tax rate: [Reasoning] How much is a $1,000 tax deduction worth to Sam? Briefly explain your reasoning. Worth of a $1,000 tax deduction: [Reasoning] How much is a $1,000 refundable tax credit worth to Sam? Briefly explain your reasoning Worth of a $1,000 refundable tax credit