Question: Problem 02-04 (Static) [LO 2-1, 2-2] Mrs. King, a single taxpayer, earns a $42,000 annual salary and pays 15 percent in state and federal

Problem 02-04 (Static) [LO 2-1, 2-2] Mrs. King, a single taxpayer, earns

Problem 02-04 (Static) [LO 2-1, 2-2] Mrs. King, a single taxpayer, earns a $42,000 annual salary and pays 15 percent in state and federal income tax. If tax rates increase so that Mrs. King's annual tax rate is 20 percent, how much additional income must Mrs. King earn to maintain the same after-tax disposable income? Additional income before tax

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