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Question: Song earns $315,000 taxable income as an interior designer and is taxed at an average rate of 30 percent (i.e., $94,500 of tax).

a. If Congress increases the income tax rate such that Song's average tax rate increases from 30 percent to 40 percent, how much more income tax will she pay assuming that the income effect is descriptive? (Round your intermediate calculations and final answer to 2 decimal places.)

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Category:- Accounting Basics
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