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Student K is analyzing the tax implications for Company Mu. Given the following tax rates and taxable income: Tax Rate on the First $50,000: 10%

Student K is analyzing the tax implications for Company Mu. Given the following tax rates and taxable income:

  • Tax Rate on the First $50,000: 10%
  • Tax Rate on the Next $50,000: 20%
  • Tax Rate on the Excess: 30% Calculate the total tax liability for Company Mu with a taxable income of $80,000.

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