Suppose you earn $50,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 5 percent, ranges from $0 to $25,000. The second tax bracket, which taxes at 20 percent, ranges from $25,001 to $100,000. How much will you pay in total taxes? Instructions: Enter your answer as a whole number. 8750

Suppose you earn $50,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 5 percent, ranges from $0 to $25,000. The second tax bracket, which taxes at 20 percent, ranges from $25,001 to $100,000. How much will you pay in total taxes? Instructions: Enter your answer as a whole number. 8750

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Design Of The Tax System

Section: Chapter Questions

Problem 4PA

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