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EXERCISE Given a country's personal income tax table as follows: Taxable income per year (USD)...

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Accounting

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EXERCISE Given a country's personal income tax table as follows: Taxable income per year (USD) Tax rates (%) Up to 100,000 10 Above 100,000 to 200,000 20 Above 200,000 to 400,000 30 Above 400.000 40 Suppose Mr. John's taxable income is USD 500,000 in the tax year. Required: Define the amount of income tax paid by John for that tax year in case the above tax table is a progressive rate

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