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Assume the Marginal Tax Rate Is 12 Percent for the First

question 130

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Assume the marginal tax rate is 12 percent for the first $40,000 of income,28 percent for income between $40,000 and $100,000,and 30 percent for any income over $100,000.If Sarah has taxable income equal to $120,000 for the year,what is her tax bill?


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