calculate the marginal and average tax rates for this incomes with the table below
1. Y= $30,000
2. Y= $70,000
3. Y= $130,000
4. Y= $600,000
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So, required answers are as mentioned below -
Income Average tax rate Marginal tax rate
$30,000 8.33% 10.00%
$70,000 12.86% 20.00%
$130,000 17.31% 25.00%
$600,000 25.83% 30.00%
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