Part 2: Hypothetical Tax Code 2 Under Hypothetical Tax Code 2, the tax rate on the first $25,000 of taxable income is 18% and the tax rate on any additional income is 27%. Another way to explain these rates is as follows: . For taxable income from $0 to $25,000, you pay 18% of your taxable income in taxes, plus For taxable income above $25,000, you pay 27% of your taxable income. Part 3: Hypothetical Tax Code 3 (HTC 3) HTC 3 is exactly the same as Hypothetical Tax Code 2, except that the two tax rates are 8% and 22%. The standard deduction and personal exemptions still apply, the tax rate on the first $25,000 of income is now 8%, and the tax rate on any additional income is now 22%. Question 4 0.8 pts Using the Hypothetical Tax Code 2 and the Hypothetical Tax Code 3 as defined in the course packet, how much more do you pay in taxes under Hypothetical Tax Code 2 compared to Hypothetical Tax Code 3 if your total income is $71,719? Report your answer rounded to two decimal places