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Suppose you currently have taxable income of $50,000 per year. You are subject to a marginal income tax rate of 20%, and your current average tax rate is 10%.

a. How much do you pay annually in taxes?

b. How much in additional taxes would you pay if your income increased to $51,000?

c. What would your average tax rate be if your income increased to $51,000?

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Financial Management, Finance

Category:- Financial Management
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