Business, 12.03.2021 15:10 wrightdarius78

Adam Ant lives in the country of Petertopia, which has a tax rate of 5% on the first $20,000 in taxable income, 10% on the next $40,000 in taxable income, and 15% on all taxable income above $60,000. Petertopia allows a standard deduction of $12,200 for single taxfilers, and $24,400 for married taxfilers. There are no other tax deductions or credits available. Adam has gross income of $35,000. As a single person, he takes a standard deduction of $12,200. Adam's taxable income is $ his marginal tax rate is % and his total taxes due are $
(Please only enter numbers in the blanks. Round your answers to 2 decimal places if necessary.)

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Adam Ant lives in the country of Petertopia, which has a tax rate of 5% on the first $20,000 in taxa...

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