Compute your federal income tax owed

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Upon graduation, you accept a job with a software development firm. The job will pay you $60,000. First, use the marginal income tax rates in Table 17.1 to compute your federal income tax owed. Now assume that the United States moves to a flat tax system instead of a progressive system. With a flat tax, everyone pays the same percentage of income in taxes. If the flat tax rate were levied at 20%, which system would you prefer? At what rate would you be indifferent between the systems? (That is, at what rate would you have no preference for one system or the other?)

Reference no: EM131298705

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