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QUESTION 5 Assume Jay faces the following tax schedule: Taxable Income Marginal Tax rate (in %) Up to $50,000 15 $50,000-$75,000 25 $75,000-$100,000 34 $100,000-$335,000

QUESTION 5 Assume Jay faces the following tax schedule: Taxable Income Marginal Tax rate (in %) Up to $50,000 15 $50,000-$75,000 25 $75,000-$100,000 34 $100,000-$335,000 39 Compute Jay's tax liability assuming his income is $200,000

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