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Tea Milk has an average tax rate of 28% and a marginal tax rate of 31%. Tea Milk has already earned $463,000 pre-tax income so
Tea Milk has an average tax rate of 28% and a marginal tax rate of 31%. Tea Milk has already earned $463,000 pre-tax income so far this year. Tea has the opportunity to earn another $85,000 in pretax income before the year ends. If Tea Milk takes this opportunity to earn additional income, what would be the dollar amount of taxes due at the end of the year?
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