Ignore the exemptions/deductions taxpayers can use to reduce their taxable income. Referring to Table 17.2, calculate the

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Ignore the exemptions/deductions taxpayers can use to reduce their taxable income. Referring to Table 17.2, calculate the income tax paid, marginal tax rate, and average tax rate for the following individuals’ incomes:

a. Nora, sales agent; $55,025

b. Ginger, marketing manager; $185,320

c. Drake, surgeon; $252,040

d. Andrew, flight engineer; $160,300

Table 17.2

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Economics

ISBN: 9781292430645

8th Global Edition

Authors: R. Glenn Hubbard, Anthony P. O'Brien

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Question Posted: Mar 06, 2024 06:00 AM

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Ignore the exemptions/deductions taxpayers can use to reduce their taxable income. Referring to Table 17.2, calculate the

Question:

Income Tax Brackets $0-$9,700 $9,701-$39,475 $39,476-$84,200 $84,201-$160,725 $160,726-$204,100 $204,101-$510,300 Over $510,300 Tax Rate 10% 12 22 24 32 35 37

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Economics

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