In State Y, the government imposes a progressive income tax with the following rates: 5% on income
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Question:
In State Y, the government imposes a progressive income tax with the following rates: 5% on income up to $50,000 8% on income between $50,001 and $100,000 12% on income above $100,000 John, a resident of State Y, earns $120,000 annually. Calculate John's total income tax liability for the year.
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