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Calculate the average rate and the marginal tax rate

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Suppose the income tax in the country is a flat rate tax of 5% and no tax is levied on the portion of income above $47,000. Individual deduction = $12,500. Calculate the average rate and the marginal tax rate for the following workers

a. A part-time worker with annual income of $12,000

b. A retail salesperson with annual income of $46,500

c. An advertising executive with an annual income of $500,000.

Reference no: EM132328787

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