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Suppose the income tax in the country is a flat rate tax of 5% and no...

  1. 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
  1. A part-time worker with annual income of $12,000
  2. A retail salesperson with annual income of $46,500
  3. An advertising executive with an annual income of $500,000.
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