Question Smith faces a progressive federal income tax structure such that the marginal tax rate imposed on: the first $10.000 of income is 10%, the next $10.000 of income is 15%. the next $20.000 of income is 25%, and all additional income is 40%. In addition, she must pay 5% of her income in state income tax and 15% of her wage and salary income in federal payroll tax. Smith earns $70,000 per year in salary plus $10,000 per year in "unearned" income. What is her average tax rate when considering federal and state income taxes as well as federal payroll tax? A. 40% B. 46.69% C. 49.375% D. 47.5%