$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $Table 4.2 $$\begin{array} { | c | c | } \hline \text { Income range } & \text { Twx percentage } \ \hline 0 - \$ 15500 & 8 \% \ \hline 15500 - \$ 42500 & 14 \% \ \hline 42500 - \$ 76500 & 27 \% \ \hline \text { Above } \$ 76500 & 39 \% \ \hline \end{array}$$ Tax brackets for a single person, 2013 -Refer to Figure 2.4..Assume Darryl earned $47 500 in 2013. a. How much would Darryl pay in taxes? b. Suppose that inflation in 2013 was 7%,and Darryl received a 3% raise in 2013.What happens to Darryl's nominal income,and what happens to his real income? c. What happens to Darryl's tax payment once he receives the raise? Has his real tax payment increased,decreased,or stayed the same?

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The Answer of $\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $Table 4.2 $$\begin{array} { | c | c | } \hline \text { Income range } & \text { Twx percentage } \ \hline 0 - \$ 15500 & 8 \% \ \hline 15500 - \$ 42500 & 14 \% \ \hline 42500 - \$ 76500 & 27 \% \ \hline \text { Above } \$ 76500 & 39 \% \ \hline \end{array}$$ Tax brackets for a single person, 2013 -Refer to Figure 2.4..Assume Darryl earned $47 500 in 2013. a. How much would Darryl pay in taxes? b. Suppose that inflation in 2013 was 7%,and Darryl received a 3% raise in 2013.What happens to Darryl's nominal income,and what happens to his real income? c. What happens to Darryl's tax payment once he receives the raise? Has his real tax payment increased,decreased,or stayed the same?

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