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Suppose in Fiscalville there is a 5 percent tax on the first $10,000 of income, but...

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Economics

Suppose in Fiscalville there is a 5 percent tax on the first$10,000 of income, but a 15 percent tax on earnings between $10,000and $20,000 and a 25 percent tax on income between $20,000 and$30,000. Any income above $30,000 is taxed at 35 percent.Instructions: Round your answers to the nearest whole number. a. Ifyour income is $60,000, how much will you pay in taxes? b.Determine your marginal tax rate. c. Determine your average taxrate. d. Is this a progressive tax?

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Solution Taxable income 60000 a Income tax owed 5 10000 15    See Answer
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