2 Piecewise Functions Model 1: Income Tax Many countries use income brackets and marginal tax rates to calculate income tax. The data in the following table approximately match the brackets and rates used by the United States in 2010. Marginal Tax Rate Income Bracket $0-$8000 $8001 - $34,000 10% 15% $34,001 $82,000 25% The following diagram illustrates the calculation of income tax owed, using these rates, by an individual with taxable income of $44,000. $0-$8,000 $8,001 - $34,000 $34,001$44,000 $8,000 $26,000 $10,000 $800 $3,900 1. Why is the rectangle in the diagram separated into three parts? 2. What is the significance of the value $800? How was this value calculated? $2,500 3. What is the significance of the value $26,000? How was this value calculated? 4. What is the significance of the value $3,900? How was this value calculated? 5 5. What is the significance of the value $10,000? How was this value calculated? 6. What is the significance of the value $2,500? How was this value calculated? 7. What is the total income tax owed by this individual? 8. Suppose this individual instead had a taxable income of $48,000. In this case, how much more income tax would they owe? Explain your answer. 9. Suppose a different individual has a taxable income of $28,000. Draw a diagram similar to the one in Model 1 and usc it to calculate the income tax they owe