1. Suppose that you currently earn taxable income of $50,000 per year. You are subject to a marginal rate of tax of 40%. Currently, your average tax rate is 20% Calculate: (a) your annual tax [4 Marks] the extra tax you would pay per year if your annual income increased to $70,000 per year. (6 Marks) the average tax rate when your annual income is $70,000. [6 Marks) List (3) three alternatives to taxation as a means of financing government expenditures and briefly discuss any two of them [4 Marks)