Question 4 1 pts Assume the marginal tax rate is 12% for the first $40,000 of taxable income, 28% for taxable income from $40,001 to $100,000, and 30% for taxable income above $100,000. If Mr. Smith had taxable income of $120,000, how much tax does he owe? O $27,600 $33,600 $34,000 $36,000 Question 5 1 pts In question 4, what is Mr. Smith's effective tax rate if his gross income was $138,000? 20 per cent. O 23 per cent. 28 per cent. ):30 per cent