Refer to Exhibit 11-4. If a person's taxable income is $50,000, how much does he pay in taxes? $9,250 $8,500 $24,150 $12,500 Exhibit 11-4 Taxable Income $0-$23,000 $23,001-$42,000 $42,001-$100,000 Greater than $100,000 Taxes 15% of taxable income $3,450-20% of everything over $23,000 $7,250 +25% of everything over $42,000 $21,750 +30% of everything over $100,000