Suppose the government imposes a tax of 10 per cent on the first $24 000 of income anD.20 per cent on all incomes above $24 000, what are the tax liability and the average tax rate for a person whose income is $48 000?
A) 10 per cent and 20 per cent, respectively
B) 10 per cent and $24 000, respectively
C) $7200 and 15 per cent, respectively
D) $7200 and 20 per cent, respectively
Correct Answer:
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