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Suppose that a family of four has two kids and an income of 100,000 The standard deduction is 25,000 There is a child tax credit
Suppose that a family of four has two kids and an income of 100,000
The standard deduction is 25,000
There is a child tax credit of 3,000 per child.
Income is taxed at the following rates:
0-10,000.....10%
10,001-50,000....15%
50,001+....25%
Figure the family's tax.
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