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Use the table below and answer the following three questions assuming the person has a taxable income of $150,000: Income Range Applicable Tax Rate 0-10,000
Use the table below and answer the following three questions assuming the person has a taxable income of $150,000: Income Range Applicable Tax Rate 0-10,000 5% 10,000-40,000 15% 40,000-100,000 25% 100,000-300,000 40% 300,000-1,000,000 50%
a. What is the marginal tax rate faced by this person? (5 points) b. What is the amount of taxes owed? (10 points) c. What is the average tax rate? (5 points)
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