Pablo made $30,000 in taxable income last year. Suppose the income tax rate is 15% for the first $8500 plus 18% for the amount over $8500. How much must Pablo pay in income tax for last year?
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Pablo made $30,000 in taxable income last year. The first $8,500 of his income is subject to a 15% tax rate. Therefore, the amount of income subject to the 15% tax rate is $8,500. Show more…
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