Suppose there is a 20% tax on the first $15,000 of taxable income,a 30% tax on taxable income above $15,000 until $30,000,and a 40% tax on all taxable income above $30,000.There is a $3,000 exemption per person.What is the marginal tax rate for a single mother making $35,000 who has one child?
A) 20%
B) 30%
C) 31.7%
D) 40%
Correct Answer:
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