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In 2015, a country's progressive income tax rates were 15% on the first $25,000, 2) 18% on the next $35,000, 20% on the next $45,000, and 25% on any additional income. If your gross taxable earnings for the year were $150,000, calculate the total income tax that you paid.

In 2015, a country's progressive income tax rates were 15% on the first $25,000, 2) 18% on the next $35,000, 20% on the next $45,000, and 25% on any additional income. If your gross taxable earnings for the year were $150,000, calculate the total income tax that you paid.

Macroeconomics
Macroeconomics
13th Edition
ISBN:9781337617390
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter11: Fiscal Policy And The Federal Budget
Section: Chapter Questions
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2) In 2015, a country's progressive income tax rates were 15% on the first $25,000, 18% on the next $35,000, 20% on the next $45,000, and 25% on any additional income. If your gross taxable earnings for the year were $150,000, calculate the total income tax that you paid.
Transcribed Image Text:2) In 2015, a country's progressive income tax rates were 15% on the first $25,000, 18% on the next $35,000, 20% on the next $45,000, and 25% on any additional income. If your gross taxable earnings for the year were $150,000, calculate the total income tax that you paid.
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